GlobeNewswire Inc | Jul 13, 2021 03:30PM EDT

July 13, 2021

ELK GROVE VILLAGE, Ill., July 13, 2021 (GLOBE NEWSWIRE) -- SigmaTron International, Inc. (NASDAQ: SGMA), an electronic manufacturing services company, today announced that it received full forgiveness of its Small Business Administration (SBA) Paycheck Protection Program (PPP) loan in the amount of approximately $6.3 million, which it had received pursuant to the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) on April 23, 2020 and which was reported in a press release the same day. The Company was notified of the forgiveness on Friday, July 9, 2021 and it covers all principal and accrued interest. The accounting for the forgiveness will be reflected in the Companys first quarter financial statements for fiscal year 2022.

Gary R. Fairhead, President, CEO and Chairman, said, We believed that the PPP loan would be essential to support our U.S. employees and factories as they worked through the pandemic and the volatile economy it had created and, indeed, that was the case. We remain thankful for the governments foresight in creating this Program.

Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City, California; Suzhou, China, and Ho Chi Minh City, Vietnam. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan.

Note: This press release contains forward-looking statements. Words such as continue, anticipate, will, expect, believe, plan, and similar expressions identify forward-looking statements. These forward-looking statements are based on the current expectations of the Company. Because these forward-looking statements involve risks and uncertainties, the Companys plans, actions and actual results could differ materially. Such statements should be evaluated in the context of the direct and indirect risks and uncertainties inherent in the Companys business including, but not necessarily limited to, the Companys continued dependence on certain significant customers; the continued market acceptance of products and services offered by the Company and its customers; pricing pressures from the Companys customers, suppliers and the market; the activities of competitors, some of which may have greater financial or other resources than the Company; the variability of the Companys operating results; the results of long-lived assets impairment testing; the ability to achieve the expected benefits of acquisitions as well as the expenses of acquisitions; the collection of aged account receivables; the variability of the Companys customers requirements; the availability and cost of necessary components and materials; the ability of the Company and its customers to keep current with technological changes within its industries; regulatory compliance, including conflict minerals; the continued availability and sufficiency of the Companys credit arrangements, including the phase-out of LIBOR; the ability to meet the Companys financial and restrictive covenants under its loan agreements; changes in U.S., Mexican, Chinese, Vietnamese or Taiwanese regulations affecting the Companys business; the turmoil in the global economy and financial markets; the spread of COVID-19 and variants which has threatened the Companys financial stability by causing a decrease in consumer spending, has negatively affected global economies, caused a disruption to the Companys global supply chain, and caused the Company to incur government mandated closures of factories or reduced production tied to lower staffing; the stability of the U.S., Mexican, Chinese, Vietnamese and Taiwanese economic, labor and political systems and conditions; currency exchange fluctuations; and the ability of the Company to manage its growth. These and other factors which may affect the Companys future business and results of operations are identified throughout the Companys Annual Report on Form 10-K, and as risk factors, may be detailed from time to time in the Companys filings with the Securities and Exchange Commission. These statements speak as of the date of such filings, and the Company undertakes no obligation to update such statements in light of future events or otherwise unless otherwise required by law.

For Further Information Contact:SigmaTron International, Inc.Linda K. Frauendorfer1-800-700-9095