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-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 Lenfest, (ii) the potential delisting of the Company's common stock from the American Stock Exchange as a result of the Company's failure to comply with the AMEX listing standards, (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 10-K for the fiscal year ended February 29, 2008, 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|
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