ELK GROVE VILLAGE, Ill., July 13, 2021 -- SigmaTron International, Inc. (NASDAQ: SGMA), an electronic manufacturing services company, today announced that it received full forgiveness of its Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loan in the amount of approximately $6.3 million, which it had received pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) on April 23, 2020 and which was reported in a press release the same day. The Company was notified of the forgiveness on Friday, July 9, 2021 and it covers all principal and accrued interest. The accounting for the forgiveness will be reflected in the Company’s first quarter financial statements for fiscal year 2022.

Gary R. Fairhead, President, CEO and Chairman, said, “We believed that the PPP loan would be essential to support our U.S. employees and factories as they worked through the pandemic and the volatile economy it had created and, indeed, that was the case. We remain thankful for the government’s foresight in creating this Program.”

Headquartered in Elk Grove Village, IL, SigmaTron International, Inc. is an electronic manufacturing services company that provides printed circuit board assemblies and completely assembled electronic products. SigmaTron International, Inc. operates manufacturing facilities in Elk Grove Village, Illinois; Acuna, Chihuahua, and Tijuana Mexico; Union City, California; Suzhou, China, and Ho Chi Minh City, Vietnam. SigmaTron International, Inc. maintains engineering and materials sourcing offices in Elgin, Illinois and Taipei, Taiwan.