Amaero AUS and USA to continue operations as an essential business
Amaero International Limited (“Amaero”), (the “Company”) (ASX:3DA), a world leader in metal additive manufacturing, today provides an update on the Company’s operations and business in the context of the evolving COVID-19 situation.
As a manufacturer for the defence sector, Operations on current projects continue at Amaero sites both in Australia and the United States.
Projects outlined in the Company’s December 2019 prospectus are ahead of schedule.
Strong balance sheet with no debt and closing cash position of $8.766m as at 31 December 2019.
In response to the COVID-19 pandemic, both the Australian and United States governments have implemented lockdowns.
As a manufacturer servicing the defence sector, Amaero is deemed ‘Essential Service’ by the Australian Government, and as a result, the Company will continue to operate during the lockdown period, albeit with a reduced on-site presence.
In the United States, with respect to the statewide emergency shelter-in-place order (and related Los Angeles County rules), the activities at the El Segundo manufacturing facility meet the definition of Critical Manufacturing sector under the Critical Infrastructure Sector, with operations set to continue.
Amaero International Limited Chairman, David Hanna, commented: “Our top priority during the COVID-19 disruption is to ensure the health and safety of our staff, customers and stakeholders. As an additive manufacturer servicing the Australian and United States defence sectors, Amaero will continue global operations with a reduced on-site presence, implementing procedures for working in isolation.The Company maintains a strong cash position and is pleased to inform shareholders that we are ahead of schedule on completing projects that were outlined in the prospectus for the Company’s initial public offering in December 2019. We are looking forward to updating the market on the developments in the coming weeks.”
Amaero maintains a strong balance sheet following the Initial Public Offering in December 2019, with no debt and closing cash position of $8.766m as at 31 December 2019.
For further information, please contact:
Jane Morgan Management
Investor and Media Relations