SOUTHAMPTON, Pa., June 15 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation's (OTC Bulletin Board: ETCC) ("ETC" or the "Company") Training Services Group has been awarded a contract by the United States Air Force to provide a suite of altitude chambers. The contract, valued at over $38 million, was awarded to ETC following a competitive bid process. The research altitude chambers will be manufactured at ETC's main manufacturing plant in Southampton, Pennsylvania.
The contract calls for delivery of a suite of four altitude chambers to the 711th Human Performance Wing at Wright Patterson Air Force Base in Dayton, Ohio, by June 2013. The chambers will support research activities to investigate and develop solutions for current and future Department of Defense aviation and space operations. The cutting edge research capabilities of these altitude chambers will allow investigation of physiological issues associated with exposure to medium and high altitudes in extreme environments as well as equipment development, qualification and human rating. The Research Altitude Chamber suite will be delivered as a turn-key project and will be installed in a newly constructed purpose-built facility.
The suite of chambers will incorporate state-of-the-art pressure vessel and environmental control technology that ETC has developed over the Company's 40 year history. These proven technologies are in service at aeromedical facilities worldwide. The project will incorporate the expertise of ETC's Aircrew Training Systems, Environmental Control and Simulation, and BioMedical Divisions and will capitalize on ETC's experience gained through providing over 1,000 manned and unmanned pressure and environmental chambers worldwide.
William F. Mitchell, President and Chairman of ETC, stated, "ETC is proud to be awarded this important contract for the research altitude chamber system. We look forward to applying our leading edge technology and expertise to provide the USAF with a benchmark system. We are very pleased to continue our valued relationship with the USAF in 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 last year we celebrated 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'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) 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, (ii) 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, (iii) statements of future economic performance, (iv) statements of assumptions and other statements about the Company or its business, (v) statements made about the possible outcomes of litigation involving the Company, (vi) statements regarding the Company's ability to obtain financing to support its operations and other expenses, and (vii) 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 our Annual Report on Form 10K for the fiscal year ended February 26, 2010, 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
SOURCE Environmental Tectonics Corporation