FITCHBURG, Mass., June 18, 2019 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (NYSE American: MICR), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, announced today several new developments.
The Company reports that it intends to close on the sale of two unoccupied buildings, and land, at its Fitchburg campus on or around June 30, 2019 with anticipated proceeds of $685,000.
Bill Laursen, President of the Company, stated, “This will provide an influx of cash which will be used to support this transformational phase of the business.”
Today the Company also announced changes to the Board of Directors. Effective June 4, 2019, Mr. Andrei Soran, currently a Director of the Company, was appointed Chairman of the Board of Directors. He brings over 20 years of experience as CEO in large healthcare organizations and has successfully led several turnarounds.
“I am delighted to further assist in building the Company towards greater growth.” With strong management and a promising pipeline of new projects, new products and innovation, Micron is making progress towards profitability. “Mr. Chambers, in his role as Chairman, has provided great guidance and stewardship” said Mr. Soran.
The Board thanks Mr. Jason R. Chambers for his service as the Chairman for the last three years. Mr. Chambers will continue as a Director of the Company.
On June 12, 2019, the Company received a letter from the NYSE American LLC (the “NYSE American” or the “Exchange”) stating it is not in compliance with the continued listing standards as set forth in Section 1003(a)(ii) of the NYSE American Company Guide (the “Company Guide”). In order to maintain its listing, the Company will submit a plan of compliance by July 12, 2019 addressing how it intends to regain compliance with Section 1003(a)(ii) of the Company Guide by December 12, 2020. If the plan is accepted, the Company may be able to continue its listing but will be subject to periodic reviews by the Exchange. If the plan is not accepted or if it is accepted but the Company is not in compliance with the continued listing standards by December 12, 2020, or if the Company does not make progress consistent with the plan, the Exchange will initiate delisting procedures as appropriate. The Company’s management is pursuing options to address the deficiencies and intends to submit a compliance plan on or before the deadline set by the Exchange.
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
