BROOMFIELD, Colorado, April 23, 2020 (GLOBE NEWSWIRE) – DMC Global Inc. (Nasdaq: BOOM) recently applied for a loan under the U.S. government’s Paycheck Protection Program (PPP). The request was reviewed by the Small Business Administration (SBA) and on April 14, 2020, a loan of $ 6.7 million was approved.
DMC has borrowed this money, as envisioned by PPP legislation, to provide its 306 U.S. employees with payroll protection and benefits as the company’s primary energy market enters a steep decline and the global economy is slowing rapidly due to COVID-19, drastically reducing DMC’s revenue. DMC believes that by the time it borrowed the money it fully complied with the language of the PPP legislation. While the PPP program allows loans of up to $ 10 million for all businesses with up to 500 employees, subsequent SBA guidelines made after DMC received the loan proceeds indicate that state-owned companies may not. not be eligible for the program. In view of these new orientations and in order to avoid any new litigation at a time when the business environment is the most difficult it has known, the Company repaid the loan.
DMC Global is a diversified holding company. Our innovative companies provide differentiated products and services to niche industrial and commercial markets around the world. DMC’s goal is to identify well-managed companies and strong leadership teams and support them with long-term capital and strategic, legal, technological and operational resources. Our approach helps our portfolio companies grow their core businesses, launch new initiatives, upgrade technologies and systems to support their long-term strategy, and make acquisitions that improve their competitive position and expand their markets. . DMC’s culture is to foster local innovation over centralized control, and to support our businesses in ways that truly add value. Today, DMC’s portfolio consists of DynaEnergetics and NobelClad, which collectively address the energy, industrial processing and transportation markets. Based in Broomfield, Colorado, DMC trades on the Nasdaq under the symbol “BOOM”. For more information, visit the Company’s website at: http://www.dmcglobal.com.
Vice President of Investor Relations