Westell Announces Second Draw PPP Loan Forgiveness
AURORA, Ill., November 18, 2021 -- Westell Technologies, Inc. (the “Company”), a leading provider of high-performance wireless infrastructure solutions, today announces that on November 16, 2021, the United States Small Business Administration ( the “SBA”) provided the Company a notice of forgiveness for the full amount of the second draw paycheck protection loan (the “PPP2 Loan”) for $1,637,522, plus all accrued interest that it obtained under the SBA Paycheck Protection Program of the Consolidated Appropriation Act, 2021 from St. Charles Bank & Trust Company, N.A. (the “Lender”). The terms of the PPP2 Loan are described in the Form 8-K filed on March 19, 2021. The Company previously applied to the Lender for forgiveness of the PPP2 Loan.
Westell is a leading provider of high-performance wireless infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect. The Company's portfolio of products and solutions enable service providers and network operators to improve performance and reduce operating expenses. With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high quality, reliable systems. For more information, please visit www.westell.com.
Westell Technologies, Inc. (Pink: WSTL) trades on the Pink Open Market. Investors can find Real-Time quote and market information for the Company on www.otcmarkets.com.
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Certain statements contained herein that are not historical facts or that contain the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the product demand and market acceptance risks, customer spending patterns, need for financing and capital, economic weakness in the United States (“U.S.”) economy and telecommunications market, the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions), the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the ability to successfully consolidate and rationalize operations, the ability to successfully identify, acquire and integrate acquisitions, the effects of the Company's accounting policies, retention of key personnel, the effects and consequences of the COVID-19 pandemic or other pandemics, and other risks more fully described in the Company's SEC filings, including the Form 10-K for the fiscal year ended March 31, 2021, under Item 1A - Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.
President and Chief Executive Officer Westell Technologies
Released November 18, 2021