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IMPEDIMED LIMITED — Capital/Financing Update 2021
Feb 23, 2021
65135_rns_2021-02-23_bc081666-3f19-4ff2-8f76-8a7daf09e267.pdf
Capital/Financing Update
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24 February 2021
ASX ANNOUNCEMENT
ImpediMed’s COVID-19 US CARES Act Loan Forgiven
Brisbane, Australia – ImpediMed Limited (ASX.IPD), a medical technology company that uses bioimpedance spectroscopy (BIS) technology to generate powerful data to maximise patient health is pleased to announce that the Paycheck Protection Program (PPP) loan under the U.S. Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) has been forgiven in full.
In May 2020, the Company announced receipt of loan proceeds of US$1,140,202. Forgiveness of the loan required the Company to file for forgiveness through the Small Business Administration (“SBA”) after meeting certain requirements related to the use of funds. The Company’s request for forgiveness of the PPP loan was fully approved and the SBA loan is now paid in full. All obligations under the PPP promissory note have been satisfied in full.
About the Paycheck Protection Program
The PPP is a program administered by the U.S. SBA that awards loans to help businesses keep their workforce employed during the Coronavirus (“COVID-19”) crisis. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used.
Approved for release by the Managing Director and CEO, Mr Richard Carreon.
Contact Details
| Investor Relations Contact:Mike Bassett, ImpediMedT: +61 407 431 432E:[email protected]Media Contact:Kyahn Williamson, WE CommunicationsT: +61 3 8866 1200E: [email protected] | Investor Relations Contact:Mike Bassett, ImpediMedT: +61 407 431 432E:[email protected]Media Contact:Kyahn Williamson, WE CommunicationsT: +61 3 8866 1200E: [email protected] | Investor Relations Contact:Mike Bassett, ImpediMedT: +61 407 431 432E:[email protected]Media Contact:Kyahn Williamson, WE CommunicationsT: +61 3 8866 1200E: [email protected] |
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About ImpediMed
Founded and headquartered in Brisbane, Australia with US and European operations, ImpediMed is a medical technology company that uses bioimpedance spectroscopy (BIS) technology to generate powerful data to maximise patient health.
ImpediMed produces a family of FDA cleared and CE Marked medical devices, including SOZO[®] for multiple indications including heart failure, lymphoedema, and protein calorie malnutrition sold in select markets globally.
For more information, visit www.impedimed.com.
Forward-Looking Statements
This announcement contains or may contain forward-looking statements that are based on management’s beliefs, assumptions and expectations and on information currently available to management.
All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to our ability to expand sales and market acceptance in the US and Australia including our estimates of potential revenues, costs, profitability and financial performance; our ability to develop and commercialise new products including our ability to obtain reimbursement for our products; our expectations with respect to our clinical trials, including enrolment in or completion of our clinical trials and our associated regulatory submissions and approvals; our expectations with respect to the integrity or capabilities of our intellectual property position.
Management believes that these forward-looking statements are reasonable as and when made. You should not place undue reliance on forward-looking statements because they speak only as of the date when made. ImpediMed does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ImpediMed may not actually achieve the plans, projections or expectations disclosed in forward-looking statements. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements.