EDMONTON, AB, May 28, 2021 / CNW / – McCoy Global Inc. (“McCoy” or “the Company”) (TSX: MCB) announced today that the Company has received a loan forgiveness for the first round, April 2020, financing under the American Paycheck Protection Program (PPP) loan of US $ 1.9 million.
The proceeds of the funding were used to directly support the salary expenses of the Company’s U.S. employees during the COVID-19 pandemic. This funding enabled key personnel to meet project deadlines and proceed with the launch of McCoy’s next two “ Smart ” products in 2021 and maintain the goal of having a fully automated TRS solution, SmartTRTM, d ‘by the end of 2022.
About McCoy Global Inc.
McCoy Global is transforming well construction by using automation and machine learning to maximize wellbore integrity and collect precise connection data critical to the global energy industry. The Company has offices at Canada, United States of America, and the United Arab Emirates and operates internationally in over 50 countries through a combination of direct sales and key distributors.
Throughout McCoy’s century-old history, he has proudly called Edmonton, Alberta, Canada its head office. The company’s shares are listed on the Toronto Stock Exchange and trade under the symbol “MCB”.
This press release contains forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as “could”, “should”, “may”, “anticipate”, “expect”, “objective”, “in progress”, “believe”, “will”, “can”, “planned”, “plan”, “maintain”, “continue”, “strategy”, “potential”, “projects”, “grow”, “profit”, “estimate “,” well positioned “or similar words suggesting future results. This new press release contains forward-looking statements concerning the business opportunities for the company which are based on the opinions of the management of the company and the current and expected conditions of the company. market; and the perceived benefits of the Company’s growth strategy and operating strategy are based on the Company’s financial and operational attributes as of the date hereof, as well as expected operating and financial results. Forward-looking statements concerning the company are based on certain expectations and assumptions c the company’s expectations regarding expected financial performance, business prospects, strategies, sufficiency of budgeted capital expenditures to carry out planned activities, availability and cost of labor and services, and ability to obtain financing on acceptable terms, subject to change based on market conditions and potential schedule delays. Although the management of the company considers these assumptions to be reasonable given the information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties (both general and specific) and risks that forward-looking statements will not materialize. Forward-looking statements should not be relied upon unduly because a number of important factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, expectations, estimates and intentions expressed in forward-looking statements, including failure to meet current and future obligations; the inability to effectively complete or integrate strategic acquisitions; the inability to effectively implement the Company’s business strategy; access to financial markets; fluctuations in oil and gas prices; fluctuations in capital expenditures in the Company’s target market; competition for, among other things, labor, capital, materials and customers; interest and exchange rates; technological development; global political and economic conditions; natural disasters or global diseases; and the inability to attract and retain key personnel. Readers are cautioned that the above list is not exhaustive. The reader is further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. These judgments and estimates may change, having a negative or positive effect on net income as more information becomes available and the economic environment changes. The information contained in this press release identifies additional factors that could affect the results of operations and the performance of the Company. We urge you to carefully consider these factors. The forward-looking statements contained in this document are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this new press release and the Company does not undertake and is not obligated to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise, unless required by the applicable. securities laws.
SOURCE McCoy Global Inc.
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