2013-02-15 22:30:59 -
For Immediate Release
SOUTHAMPTON, PA, USA, February 15, 2013 - Environmental Tectonics Corporation
(OTCQB: ETCC) ("ETC" or the "Company") announced today that its
Board of
Directors approved the filing of a Form 15 with the Securities and Exchange
Commission ("SEC") to voluntarily deregister its common stock under Section
12(g) of the Securities Exchange Act of 1934 ("the Exchange Act"). The Company
intends to file the Form 15 on or about February 25, 2013. As a result of the
filing of the Form 15, the Company's reporting obligations, including its
obligations to file annual, quarterly and current reports on Forms 10-K, 10-Q
and 8-K with the SEC, will be suspended. Other filing requirements will
terminate upon the effective date of the Form 15, which is expected to occur 90
days after filing.
ETC's President and CEO William F. Mitchell, Sr. commented, "The Company's
decision to deregister was made after careful consideration of the advantages
and disadvantages, and in light of our size and market capitalization, and the
high costs and demands on management's time of our ongoing compliance with SEC
and Sarbanes-Oxley reporting requirements. We expect to recognize substantial
cost savings associated with this decision, in addition to allowing senior
management to devote more resources to the core business of ETC."
ETC intends to continue to prepare and publish quarterly and annual financial
results that will include much of the financial information currently disclosed
in the Company's SEC periodic reports. In addition, the Company intends for its
annual financial statements to continue to be audited.
The Company also expects that the Company's common stock will continue to be
traded in the over-the-counter market under the ticker symbol "ETCC". No
guarantee, however, can be made that a trading market in the Company's common
stock through any over-the-counter market will be maintained.
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About ETC:
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 and 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
www.etcusa.com/.
Forward-looking Statements:
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)
E-mail:
rlaurent@etcusa.com
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Source: ETC via Thomson Reuters ONE
[HUG#1678793]
