Business
Frequency Electronics to Repay PPP Loan
MITCHEL FIELD, N.Y., May 07, 2020 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM) (the “Company” or “FEI”), as previously announced, received
About this update from Frequency Electronics, Inc.
[{"type":"text","content":"MITCHEL FIELD, N.Y., May 07, 2020 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (NASDAQ: FEIM) (the “Company” or “FEI”), as previously announced, received proceeds on April 12, 2020 from a loan in the amount of $4,964,810 (the “PPP Loan”) from JPMorgan Chase Bank, N.A. as the lender (the “Lender”), pursuant to the Small Business Administration (the “SBA”) Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act. On May 6, 2020, the Company elected to repay the PPP Loan in full.\n FEI CEO, Stanton Sloane commented, “We are fortunate that the initial concerns we had regarding the potential impact of COVID-19 have not come to fruition, and we believe that our need for the capital provided by the PPP Loan has diminished. We have a strong balance sheet without the loan, we have continued operations as an essential industry and we continue to deliver products and collect payments. Consequently, we are pleased to repay the loan and free up that resource for other companies that have been more affected.” About Frequency Electronics Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets. Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.” Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing (\"SAASM\") capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for Electronic Warfare (“EW”) and state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com Safe Harbor Statement under the ...