US Government Stimulus Loan Forgiven
ASX RELEASE ¦ Nova Eye Medical Limited ¦ A C N 007 7 0 2 927 ¦ 107 Rundle Street, Kent Town, SA 5067 ¦ Page 1 of 2 US Government Stimulus Loan Forgiven Adelaide, Australia, 26 October 202 1 – Nova Eye Medical Limited (ASX: EYE)(Nova Eye Medical or the Company), a medical technology c ompany committed to advanced ophthalmic treatment technologies and devices , today announces that is has been granted forgiveness of a COVID - 19 s timulus loan from the USA Government to the value of US$1,068,000 . In May 2020, the Company’s US - based subsidiary Nova Eye, Inc. , which manufactures the iTrack ™ minimally invasive glaucoma surgery ( MIGS ) device for the treatment of glaucoma , received a stimulus loan of US$1,068,000 under the United States Small Business Administration (US SBA) stimulus program, referred to as the “Paycheck Protection Program” . The stimulus loan was spent on payroll costs and other eligible expenses to maintain e mployee and compensation levels durin g the period, despite COVID - impacted trading conditions. After filing the required documentation, on 22 October 2021 the US SBA advised the Company that Nova Eye, Inc., had repaid the loan with eligible expenditure. As a result, the Company will record the entire loan amount of US$1,068,000 as “Other Income” in its Income Statement for the year ending 30 June 2022. The stimulus loan had previously been recorded as a liability against the Company’s balance sheet. This release dated 26 October 20 2 1 has been authorised for lodgement to ASX by the Board of Directors of Nova Eye Medical Limited and lodged by Simon Gray , Company Secretary. – ENDS – Company Tom Spurling Managing Director Nova Eye Medical Limited W +61 417 818 658 tspurling@nova - eye.com Kate Hunt Head of Marketing Nova Eye Medical Limited W +61 404 080 679 khunt@nova - eye.com Investors Dr. Tom Duthy Investor Relations & Corporate Development Nova Eye Medical Limited W +61 402 493 727 tduthy@nova - eye.com ¦ Nova Eye Medical Limited ¦ A C N 007 7 0 2 927 ¦ 107 Rundle Street, Kent Town, SA 5067 ¦ Page 2 of 2 ABOUT NOVA EYE MEDICAL Nova Eye Medical Limited is a medical technology company that develops, manufactures and sells a portfolio of proprietary ophthalmic treatment technologies and devices. Used by eye surgeons in more than 100 countries globally, these technologies include iTrack ™ minimally invasive glaucoma surgery (MIGS), a consumable surgical device that restores the eye’s natural outflow pathway to lower pressure inside the eye and to eliminate patient reliance on anti - glaucoma medications for mild - moderate glaucoma. The Molteno3 ® glaucoma drainage device platform is designed to enhance surgic al utility and optimize clinical outcomes for long - term IOP control in cases of severe glaucoma. It also offers the benefit of a simplified and faster surgical procedure. With its sales headquarters based in Fremont, California, Nova Eye Medical is support ed by a global network of more than 50 distribution partners. Manufacturing facilities are located in Fremont, California and Dunedin, New Zealand. For additional information about Nova Eye Medical and its technologies, please visit: www.nova - eye.com
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