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Environmental Tectonics Corporation (ETCC)
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Friday, February 05, 2010 12:06:35 AM
Posted by: 10 bagger Date: Thursday, September 24, 2009 9:47:24 AM
In reply to: None Post # of 123248
ETCC.. $1.84.. Update $2.00
Environmental Tectonics Corporation Announces Award of $35 Million U.S. Air Force Contract
Major Milestone in the Evolution of Tactical Flight Simulation
Source: Environmental Tectonics Corporation
On Thursday September 24, 2009, 9:40 am EDT
SOUTHAMPTON, Pa., Sept. 24 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation's (OTC Bulletin Board: ETCC - News; "ETC" or the "Company") Training Services Group has been awarded a contract by the United States Air Force to provide a high performance training and research human centrifuge. The contract, valued at over $35 million, was awarded to ETC following a competitive bid process. The device, ETC's Authentic Tactical Flight Simulator-400 (ATFS-400), will be manufactured at ETC's main manufacturing plant in Southampton, PA.
The contract calls for delivery of the device to the 711th Human Performance Wing at Wright Patterson Air Force Base in Dayton, OH, by August 2012. The ATFS-400 integrates a high fidelity aircraft cockpit that incorporates a virtual tactical environment into a high-performance, fully flyable human centrifuge. Pilots can fly the ATFS like a tactical aircraft. The ATFS-400 combines ETC's virtual battle space, unique G-Pointing, motion-based technologies, and ETC's "Signature Technology" to replicate the performance and feel of the aircraft and produce an authentic experience for the pilot that rivals flying the actual aircraft. The ATFS-400 produces the most authentic flight experience possible in a ground-based simulator and allows pilots to hone their tactical skills at 1/28th the cost of flying the aircraft. This will be the tenth high performance human centrifuge built by ETC, and the third ATFS-400 system in the world.
William F. Mitchell, President and Chairman of ETC, stated, "The U.S. Air Force is a long-time and valued customer and we are proud to be awarded this contract for the research and training centrifuge. We look forward to providing this advanced technology device that will improve the health, safety and readiness of thousands of military pilots for years to come."
ETC was incorporated in 1969 in Pennsylvania and this year we will celebrate our 40th anniversary. Our core technologies include the design, manufacture and sale of Training Services (TSG) which includes (1) software driven products and services used to create and monitor the physiological effects of flight; (2) high performance jet tactical flight simulation, and; (3) driving and disaster simulation systems, and Control Systems (CSG) which includes: (1) steam and gas sterilization; (2) testing and simulation devices for the automotive industry, and; (3) hyperbaric and hypobaric chambers. Product categories included in TSG are Aircrew Training Systems (ATS) and flight simulators, disaster management systems and entertainment applications. CSG includes sterilizers, environmental control devices and hyperbaric chambers along with parts and service support.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on ETC's 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.
These forward-looking statements include statements with respect to the Company's vision, mission, strategies, goals, beliefs, plans, objectives, expectations, anticipations, estimates, intentions, financial condition, results of operations, future performance and business of the company, including but not limited to, (i) potential additional funding by H.F. Lenfest, a member of our Board of Directors and a significant shareholder, and PNC Bank, (ii) the trading of the Company's common stock on the Over-the-Counter Bulletin Board (iii) projections of revenues, costs of materials, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure, other financial items and the effects of currency fluctuations, (iv) statements of our plans and objectives of the Company or its management or Board of Directors, including the introduction of new products, or estimates or predictions of actions of customers, suppliers, competitors or regulatory authorities, (v) statements of future economic performance, (vi) statements of assumptions and other statements about the Company or its business, (vii) statements made about the possible outcomes of litigation involving the Company, (viii) statements regarding the Company's ability to obtain financing to support its operations and other expenses, and (ix) statements preceded by, followed by or that include the words, "may," "could," "should," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or the negative of such terms or similar expressions. These forward-looking statements involve risks and uncertainties which 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. Factors that might cause or contribute to such a material difference include, but are not limited to, those discussed in the Company's Annual Report on Form 10K for the fiscal year ended February 27, 2009, in the section entitled "Risks Particular to Our Business." Shareholders are urged to review these risks carefully prior to making an investment in the Company's common stock.
The Company cautions that the foregoing list of important factors 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: Duane D. Deaner, CFO
Tel: 215-355-9100 (ext. 1203)
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