Northern Technologies International Corporation Suspends Quarterly Cash Dividend Pending Clarity on COVID-19

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[{"type":"text","content":"MINNEAPOLIS, April 23, 2020 (GLOBE NEWSWIRE) -- Northern Technologies International Corporation (NASDAQ: NTIC), a leading developer of corrosion inhibiting products and services, as well as bio-based and biodegradable polymer resin compounds, today announced the temporary suspension of its quarterly cash dividend pending clarity on the COVID-19 crisis. \n G. Patrick Lynch, President and Chief Executive Officer of NTIC, stated: “The COVID-19 pandemic continues to have a material impact on the global economy. With many of our global customers currently running at a fraction of their regular capacity or locked down altogether, we anticipate sales for our third quarter to be down significantly. Given this uncertainty, NTIC’s Board of Directors decided to temporarily suspend our quarterly cash dividend. We will consider the reinstatement of a quarterly cash dividend when the extent of the impact of the COVID-19 pandemic on the Company's results of operations is clearer.” About Northern Technologies International Corporation Northern Technologies International Corporation develops and markets proprietary environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents. NTIC’s primary business is corrosion prevention marketed primarily under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years and in recent years has targeted and expanded into the oil and gas industry. NTIC offers worldwide on-site technical consulting for rust and corrosion prevention issues. NTIC’s technical service consultants work directly with the end users of NTIC’s products to analyze their specific needs and develop systems to meet their technical requirements. NTIC also markets and sells a portfolio of bio-based and biodegradable polymer resins and finished products marketed under the Natur-Tec® brand. Forward-Looking Statements Statements contained in this release that are not historical information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include NTIC’s belief that third quarter sales will decrease du...

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