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MarketScreener Homepage  >  Equities  >  Nyse MKT  >  Retractable Technologies, Inc.    RVP

RETRACTABLE TECHNOLOGIES, INC.

(RVP)
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RETRACTABLE TECHNOLOGIES INC : Other Events (form 8-K)

07/08/2020 | 11:00am EST
Item 8.01 Other Events.



Effective July 1, 2020, Retractable Technologies, Inc. ("RTI") entered into a Technology Investment Agreement ("TIA") with United States Government Department of Defense, U.S. Army Contracting Command-Aberdeen Proving Ground, Natick Contracting Division & Edgewood Contracting Division (ACC-APG, NCD & ECD) on behalf of the Biomedical Advanced Research and Development Authority (BARDA) ("Government") for $53,664,286.00 in Government funding to RTI for expanding domestic production of needles and syringes. The principal purpose of the TIA is for Government investment to fund increasing RTI's manufacturing capacity for hypodermic safety needles and corresponding syringes in response to the worldwide COVID-19 global pandemic. The Government award is an expenditure type TIA whereby the Government will make payments to RTI for expenditures for equipment and supplies made by RTI in carrying out the purpose of the expansion of RTI's domestic production. RTI's contributions under the terms of the TIA to enhance domestic capacity of pandemic essential technology include providing facilities, technical expertise, labor and maintenance of the TIA funded equipment for a 10 year term.

Forward-looking statements in this Form 8-K are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect RTI's current views with respect to future events. RTI believes that the expectations reflected in such forward-looking statements are accurate. However, RTI cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to, RTI's ability to timely complete capital improvements, ramp up domestic production and staffing, transportation issues, potential tariffs, RTI's ability to maintain liquidity, maintenance of favorable third party manufacturing and supplier arrangements and relationships, foreign trade risk, and the impact of the global pandemic COVID-19 on all facets of logistics and operations as well as costs; and other risks and uncertainties that are detailed from time to time in RTI's periodic reports filed with the U.S. Securities and Exchange Commission.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 41,8 M - -
Net income 2019 3,15 M - -
Net cash 2019 11,0 M - -
P/E ratio 2019 21,4x
Yield 2019 -
Capitalization 535 M 535 M -
EV / Sales 2018 0,30x
EV / Sales 2019 0,91x
Nbr of Employees 138
Free-Float 43,5%
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Managers and Directors
NameTitle
Thomas J. Shaw Chairman, President & Chief Executive Officer
Lawrence G. Salerno Operations Director
John W. Fort CFO, Treasurer, Director, CAO & Vice President
Judy Ni Zhu Manager-Research & Development
Kathryn M. Duesman Vice President-Clinical Affairs
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