Akron, OH – May 6, 2020 – Apteryx Inc. (“Apteryx”), a wholly-owned subsidiary of Apteryx Imaging Inc. (the “Company”), announced receipt of financing under the Paycheck Protection Program (PPP) with a principal amount of USD $824,000. The PPP was created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act and is administered by the U.S. Small Business Administration (SBA).
The PPP loan has a term of two years at an interest rate of 1% per annum with a deferral of payments for the initial six months of the loan. Proceeds of the loan will be used for eligible business purposes as required by the CARES Act. Under the Act, recipients of PPP loans may apply for forgiveness of all or a portion of the funds granted under the loan with any amount not forgiven to be subject to monthly payments of principal and interest following the initial six-month deferral. Forgiveness is subject to the rules governing the PPP loan program, as established by the SBA, with stipulations upon the funds being utilized for payroll, rent and utility costs, along with the maintenance of employee headcount and compensation levels.
“This funding provides us the financial support to ensure adequate staffing levels for continued service to our customers and further provides financial security for our employees and their families,” stated Dr. David Gane, CEO of Apteryx Imaging. “Our entire team will continue to work diligently to help dental practices work through the many challenges the pandemic has presented.”
For more information about Apteryx, its products and services, please visit www.apteryx.com or call 877-278-3799.
About Apteryx Imaging Inc.
Apteryx Imaging has provided dentists and oral health specialists with advanced diagnostic imaging software and device technologies for over 20 years. Our proprietary technologies include XrayVision, XVWeb and XrayVision DCV imaging software solutions, the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors.
Backed by an experienced leadership team and dedicated to a higher level of service and support, Apteryx Imaging is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio. The Company is currently listed on the TSXV under the symbol XRAY, the OTCQB under the symbol APTEF, as well as the Frankfurt Stock Exchange under the symbol XRAY.