For Immediate Release
SOUTHAMPTON, PA, USA, March 27, 2013 - Environmental Tectonics Corporation (OTCQB: ETCC) ("ETC" or the "Company") announced today that it filed a Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its shares of common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result of this filing, the Company`s obligation to file certain reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, was immediately suspended. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15.
As a result of filing the Form 15, ETC anticipates that its shares of common stock will no longer be quoted on the OTC Quality Board but instead will be quoted on the OTC Pink Market under the ticker symbol "ETCC". However, ETC cannot guarantee that trading in its common stock will continue in the OTC Pink Market or in any other forum.
Commenting on the Form 15 filing, William F. Mitchell, Sr., ETC`s President and Chief Executive Officer, said, "After careful consideration of the advantages and disadvantages, and in light of our size and market capitalization, we have concluded that deregistration of our securities will generate substantial cost savings and allow greater management focus on the core business of ETC. Even though we will no longer be required to file reports under the Exchange Act, we still intend to release financial results, be audited annually and issue press releases from time to time for the benefit of our shareholders."
ETC designs, manufactures and sells software driven products and services used to recreate and monitor the physiological effects of motion on humans and equipment and to control, modify, simulate and measure environmental conditions. These products include aircrew training systems (aeromedical, tactical combat, and general), disaster management systems, sterilizers (steam and gas), environmental testing products, hyperbaric chambers, and other products and services that involve similar manufacturing techniques and engineering technologies. ETC`s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC is headquartered in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.
Discussions of some of the matters contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and, as such, may involve risks and uncertainties. ETC based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Accordingly, ETC cautions you not to place undue reliance on the forward-looking statements in this press release.
These forward-looking statements include statements with respect to the Company`s expectations, anticipations, and intentions, including, but not limited to, (i) projections of revenues, income, or loss, (ii) statements made about the benefits of the financial restructuring, future market conditions, and growth opportunities, and (iii) statements preceded by, followed by, or, that include, terminology such as `may,` `will,` `should,` `expect,` `plan,` `anticipate,` `believe,` `estimate,` `future,` `predict,` `potential,` `intend,` or `continue,` and similar expressions. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors. Some of these risks and uncertainties, in whole or in part, are beyond the Company`s control. Shareholders are urged to carefully review these risks and the risks discussed in the Company`s Annual Report on Form 10-K for the fiscal year ended February 24, 2012 under the caption `Item 1A. Risk Factors` prior to making an investment in the Company`s Common Stock. The Company cautions that the foregoing list of factors that could affect forward-looking statements by ETC is not exclusive. Except as required by federal securities law, the Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
|Contact:||Bob Laurent, CFO|
|Phone:||215-355-9100 (Ext. 1550)|