Environmental Tectonics Corporation Files to Delist From NYSE AMEX LLC
May 21 2009 - 6:30AM
PR Newswire (US)
SOUTHAMPTON, Pa., May 21 /PRNewswire-FirstCall/ -- Environmental
Tectonics Corporation (NYSE Amex: ETC) ("ETC" or the "Company")
today reported that, on May 20, 2009, the Company filed a Form 25
with the Securities and Exchange Commission and NYSE AMEX LLC
("AMEX") relating to the delisting of its common stock from AMEX.
The delisting of ETC's common stock will become effective May 30,
2009. The Company is currently in discussions to have its common
stock quoted for trading on the Over-the-Counter Bulletin Board.
The Board of Directors' decision to voluntarily delist its common
stock from AMEX resulted from a compliance issue related to certain
terms and conditions as contained in the proposed issuance of
Series E Preferred Stock to H.F. Lenfest ("Lenfest"), a significant
shareholder and member of the Company's Board of Directors. ETC was
not able to secure the Lenfest financing transaction on terms that
would allow ETC to comply with the AMEX listing rules. The Board of
Directors regrets that a transaction suitable to AMEX could not be
reached, but the Board of Directors feels the Lenfest transaction
is critical to the Company's continued operation and growth. Given
the light trading volume of its common stock, the Company believes
that investors will be adequately served by other alternatives such
as the Over-the-Counter Bulletin Board. The Company also expects
that, going forward, the delisting of its common stock will provide
it with greater corporate flexibility and will allow it to deploy
more resources to its core business operations. The Company intends
to continue to comply with its reporting obligations under the
Securities Exchange Act of 1934. 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; (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; (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's 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 delisting of the Company's common stock from the NYSE AMEX
LLC (formerly the American Stock Exchange) (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) Fax:
215-357-4000 ETC - Internet Home Page: http://www.etcusa.com/
DATASOURCE: Environmental Tectonics Corporation CONTACT: Duane D.
Deaner, CFO, +1-215-355-9100 ext. 1203, or Fax: +1-215-357-4000 Web
Site: http://www.etcusa.com/
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