FITCHBURG, Mass., June 10, 2021 (GLOBE NEWSWIRE) — Micron Solutions, Inc. (OTCQB: MICR), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, completed the closing of the sale and leaseback of the Company’s main manufacturing facility at 41 Sawyer Passway, Fitchburg, Massachusetts.
CEO Bill Laursen commented, “We are happy to report that we have brought the sale-leaseback transaction on terms consistent with our previous disclosure to a successful close, which will provide Micron with additional financial resources as we seek to take advantage of a number of new customer opportunities.”
CFO Wayne Coll commented, “The sale of 41 Sawyer Passway provided proceeds of approximately $3.8 Million, of which $3.07 Million was used to pay off all of the Company’s term and revolving debt with our former lender, with the remainder available for use by the Company. Additionally, we are currently negotiating a new revolving credit facility with a commercial bank that will provide us with additional capital resources. We expect to close on this second financing transaction within the next thirty to sixty days.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also contract manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
The Company routinely posts news and other important information on its website: http://www.micronsolutions.com
