Oslo, May 5, 2020 – NEXT Biometrics (Oslo Bors: NEXT), a global company with fingerprint sensor technology, today announce that Next Biometrics Inc (a company in the Next group) has received a Covid-19 US government sponsored loan (Paycheck Protection Program) of approximately $1 million. The program was created by the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. The loan is to cover payroll and help cover overhead expenses in Next’s US operation and Next may qualify for loan forgiveness for a sizable portion of the loan. The loan has an interest rate of 1% and a two year term.
“The Covid-19 lockdown in Seattle, WA has led to that Next US R&D employees must carry their duties from home offices. As earlier communicated the company has already taken steps securing that all customers are being served during this period. At the same time, we are pleased that Next Inc has been approved for the small business loan program sponsored by the US government. The loan and the recently announced cost reductions in our global operations will contribute in extending our financial runway” said Peter Heuman, NEXT Biometrics CEO.
About NEXT Biometrics
NEXT provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets. The company’s patented NEXT Active Thermal™ principle allows the development of large, high quality fingerprint sensors in both rigid and flexible formats. NEXT Biometrics Group ASA (www.nextbiometrics.com) is headquartered in Oslo, with sales, support and development operations in Seattle, Taipei, Prague, Bengaluru and Shanghai.
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Next Investor contact:
Peter Heuman, email@example.com