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Be the first with the news that moves the market- Nanotech Security (TSXV:NTS) has been deemed as an essential service by the Quebec Government
- The company creates nano-optic security features for banknotes and brand protection
- Nanotech’s facilities in Quebec and British Columbia will remain open and fully operational during the pandemic crisis
- The company has enforced strict guidelines to maintain staff safety
- Nanotech Security (NTS) is down 9.09 per cent, and is currently trading at $0.25 per share
Nanotech Security (TSXV:NTS) has been deemed as an “essential service” by the Government of Quebec, and will continue to operate.
Quebec’s Premier, François Legault, recently ordered all non-essential businesses in the province to close, to prevent the spread of COVID-19.
The company’s production facility in Thurso, Quebec, is the entity which gained the designation from Quebec’s Government. As such, it is continuing at full operation.
Nanotech did not clarify if the designation applies only to the Thurso facility, or to the company as a whole. However, Nanotech’s offices and laboratories in Burnaby, British Columbia, are currently open and fully operational.
Like many others, the company has implemented strict preventative guidelines in all of its offices, labs, and production facilities. Most employees are already working from home, with the remaining staff keeping a safe physical distance.
Nanotech is closely monitoring developments around the pandemic, and plans to adjust its business and operations accordingly. It will work to stay in compliance with government directives as they also adapt to the situation.
While COVID-19 has had significant impacts, Nanotech remains optimistic about its future. The company has a strong balance sheet, with C$9.5 million in cash and no debt as of December 31, 2019.
Furthermore, the essential service designation allows Nanotech to continue delivering on its $30 million development contract. The company is also advancing initiatives to secure new reference customers in the brand protection and banknote markets.
Nanotech Security (NTS) is down 9.09 per cent, and trading at $0.25 per share at 10:58am EST.
