SOUTHAMPTON, Pa., Feb. 16 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation (NYSE ALTERNEXT US LLC: ETC) ("ETC" or the "Company") today announced that on February 11, 2009, it received a letter from NYSE Alternext US LLC, the successor to the American Stock Exchange, stating that the Company was not in compliance with Section 704 of the NYSE Alternext US Company Guide which requires the Company to hold a meeting of shareholders on an annual basis.
The non-compliance with Section 704 of the NYSE Alternext US Company Guide makes the Company's common stock subject to being delisted from the NYSE Alternext US LLC.
The Company is required to submit a plan to the US Alternext US by March 10, 2009 advising US Alternext US LLC of the actions that it intends to take to bring the Company into compliance with Section 704 of the US Alternext US Company Guide by August 11, 2009. The Company intends to submit a plan by such date. There can be no assurance that the US Alternext US LLC will accept the Company's plan for compliance or, if accepted, that the plan will be implemented by August 11, 2009.
An indicator will be added to the Company's trading symbol noting the Company's non-compliance with Section 704 of the US Alternext US Company Guide until such time as the Company regains compliance with the applicable listing standards.
ETC designs, develops, installs and maintains aircrew training systems (aeromedical, tactical combat and general), disaster management training systems and services, entertainment products, sterilizers (steam and gas), environmental testing products, hyperbaric chambers and related products for domestic and international customers.
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-look
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