SOUTHAMPTON, Pa., June 9 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation (OTC Bulletin Board: ETCC), ("ETC" or the "Company") today announced the opening of a branch sales office in Shanghai, ETC-China, and the appointment of David Kong, a 25 year international business veteran, as the General Manager.
The opening of ETC - China marks the official expansion of ETC's operations into the Far East. The ETC-China branch office will administer all activities relating to the sale, installation and support of ETC equipment within this region. In the past ETC has sold sterilization and automotive testing equipment into China.
William F. Mitchell, ETC's President and Chairman, stated, "ETC is an international company, and we are very excited by the expansion of our global territory into this region of the world. China and the Far East represent potentially huge markets for products of many sorts, and we hope to capitalize on those markets. We are excited by the prospects which lie ahead."
Heading up the effort in China will be new staff member David Kong, MBA, a graduate of the State University of New York at Binghamton. With over 25 years experience at various positions in international business, simulation and security, Mr. Kong will lead all efforts in promoting ETC's various products within this territory.
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.
Depending on the product, customer, location and the application or use, some of our aeromedical products require an export license from the U.S. Commerce or State Department. We have an Export License Compliance Program which covers all key aspects of the International Traffic in Arms Regulations (“ITAR”), as issued by the U.S. Department of Defense Trade Controls, a division of the U.S. Department of State.
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 10 K 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)
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SOURCE Environmental Tectonics Corporation