CPS Technologies Corporation Increases Credit Facility to $3 Million

CPS Technologies Corporation (Nasdaq:CPSH) today announced that it has entered into an amendment to its credit facility with The Massachusetts Business Development Corporation.  The maximum borrowing on the facility has been increased from $2.5 million to $3.0 million.

Chuck Griffith, Chief Financial Officer, stated, “This increase to the credit facility provides us with more flexibility in meeting the needs of our expected growth.  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.”

About CPS

CPS Technologies Corporation is a global leader in producing metal-matrix composite components used to improve the reliability and performance of various electrical systems. CPS products are used in motor controllers for hybrid and electric vehicles, high-speed trains, subway cars and wind turbines. They are also used as heat spreaders in internet switches, routers and high-performance microprocessors. CPS also develops and produces metal-matrix composite armor.

CPS Technologies Corporation

Chuck Griffith, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com