CPS Technologies entered into an amendment to its credit facility with The Massachusetts Business Development Corporation. The maximum borrowing on the facility was increased from $2.5 million to $3.0 million.
“This increase to the credit facility provides us with more flexibility in meeting the needs of our expected growth,” Chuck Griffith, CFO of CPS Technologies, said. “It also provides us with additional security given the uncertainties around the COVID-19 pandemic. Although we do not expect to use the additional amount in the near future, we view it as prudent to increase our flexibility in the current environment of increased uncertainty. We are pleased to be working with The Massachusetts Business Development Corporation. As evidenced by this amendment, we expect our relationship with them to continue to be excellent, and that they will be able to fulfill our capital needs for the foreseeable future.”
CPS Technologies produces metal-matrix composite components used in various electrical systems, including in hybrid and electric vehicles, high-speed trains, subway cars, wind turbines, heat spreaders in internet switches, routers and microprocessors. CPS also develops and produces metal-matrix composite armor.
