NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER US WIRE SERVICES
CARLSBAD, Calif., Feb. 24 2021 (GLOBE NEWSWIRE) – Aurora Spine Corporation (“Aurora Spine” or the “Company”) (TSX VENTURE: ASG) (OTCQB: ASAPF) announced today that it has received the proceeds of the loan of $ 350,140 (“Loan PPP ”) as part of the Second Draw Paycheck Protection Program. The Paycheck Protection Program (“PPP”) was created under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) to enable small businesses to pay their employees during the coronavirus crisis and provide loans to qualifying businesses up to 2.5 times their average monthly salary costs. The amount borrowed under the PPP may be forgiven provided that the borrower uses the loan proceeds within the eight week or 24 week period after receipt and provided that the proceeds are used for labor costs (including benefits), rent, mortgage interest, utility costs, and worker protection costs related to COVID-19.
Principal and interest payments on any undelivered portion of the PPP loan will be deferred for ten months and will bear interest at a fixed annual rate of 1%. In addition, the remaining balance of the PPP loan will have a maturity of five years. There is no prepayment penalty on the PPP loan.
About Aurora Spine
Aurora Spine is focused on bringing new solutions to the spinal implant and pain management markets through a series of innovative, minimally invasive and regenerative spinal implant technologies. Further information is available at www.aurora-spine.com Where www.aurorapaincare.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurora Spine, including, without limitation, those listed under “Risk factors” and “Caution regarding forward-looking information“in Aurora Spine’s final prospectus (collectively,” forward-looking information “). The forward-looking information contained in this press release includes information regarding the PPP loan and its potential cancellation or repayment. Aurora Spine cautions investors against Aurora Spine’s securities on the material factors that could cause Aurora Spine’s actual results to differ materially from those projected in the forward-looking statements included in this press release. Any statement that expresses or involves discussions regarding expectations, beliefs, plans, objectives, assumptions or events not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties that could cause actual results to differ unilaterally from those expressed in such statements prospective. be correct and, therefore, the investments Prospective weavers should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this press release and Aurora Spine assumes no obligation to update or revise them to reflect new events or circumstances.
For more information please contact:
Aurora Spine Corporation
President and CEO
LYTHAM PARTNERS, LLC
Phoenix | new York