Environmental Tectonics Corporation, Rep. Patrick Murphy Announce $40 Million Contract to Create Hundreds of Pennsylvania Jobs
SOUTHAMPTON, Pa., Nov. 13 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation (OTC Bulletin Board: ETCC) ("ETC" or the "Company") held a public event today at ETC's The National AeroSpace Training and Research Center (NASTAR Center). Joined by Pennsylvania Congressman Patrick Murphy (D-8th District) and local officials, ETC announced the award of a $40 million dollar contract from the Republic of Korea (South Korea) that will result in the creation and preservation of hundreds of local Pennsylvania jobs at ETC and its supporting local "Team ETC" manufacturers.
The contract features the manufacture of two next-generation, motion-based flight simulation devices (ATFS-400 & GL-4000) that will improve the health, safety and training of pilots. With this contract, ETC has booked over $100 million in new business since January this year, with over 200,000 hours of work for ETC's local manufacturing coalition of 30 associated companies that comprise Team ETC. The two devices will be manufactured by Team ETC and assembled onsite at ETC's plant in Southampton, PA. This steady stream of recently awarded contracts generates a pipeline of work for Team ETC that will bring about and sustain hundreds of jobs in Pennsylvania for years to come.
The ATFS-400 is a high-fidelity, interactive, virtual tactical air combat maneuvering, training system that is integrated into a state-of-the-art high performance "flyable" centrifuge. The ATFS-400 can authentically simulate the cockpit and dynamic performance of an aircraft in a tactical environment. Pilot control inputs are processed by the ATFS-400 computers to drive the virtual (sight and sound) cues and command the multi-axis centrifuge to correctly produce the inertial G-forces. With a 25-foot arm, the ATFS-400 is capable of providing 15 G's in the head to foot direction and 6 G's in the front to back direction. The ATFS-400 reflects the newest technology in aircraft simulation for realistic air combat training and research.
The GYROLAB GL-4000 is a high-fidelity simulator capable of subjecting the pilot to sustained G levels of up to 3 G's and other physiological stresses. The GL-4000 can be configured to simulate any customer-designated aircraft and flight areas. Training capabilities include upset recovery, high-risk maneuvers (stalls, spins, departure from controlled flight and recovery), spatial disorientation, and situational awareness.
The public announcement event held at ETC's The NASTAR Center, was attended by the news media, local businesses, university members, Team ETC members, and featured PA Congressman Patrick Murphy, Bucks County Commissioner James F. Cawley and ETC CEO & President William F. Mitchell. Congressman Patrick Murphy, a staunch supporter of ETC, has championed ETC's presence in Bucks County, authorizing $5 million dollars in federal funding in the FY2010 Defense Authorization Bill passed earlier this year in the House of Representatives. "ETC does excellent work and I'm proud to partner with them to bring more good-paying jobs to the 8th District during these tough times," said Rep. Patrick Murphy.
Congresswoman Allyson Y. Schwartz (PA-13) has also been a strong supporter of local growth in Pennsylvania. "This contract award for ETC will mean new jobs for Southeastern Pennsylvania, which continues to be a national leader in innovation and technology. I congratulate ETC on its accomplishment and look forward to the implementation of this project and the further strengthening of U.S.-Korea relations that it will help achieve," said Congresswoman Schwartz.
William F. Mitchell, President and Chairman of ETC stated, "ETC is proud to be awarded the contract from the Republic of Korea. We thank Congressman Murphy and local officials for their support and look forward to providing these devices to meet the research and training needs of the Korean Air Force for years to come." ETC has been developing high-performance aeromedical training and research devices for 40 years.
ETC was incorporated in 1969 in Pennsylvania and this year we have 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 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 trading of the Company's common stock on the Over-the-Counter Bulletin Board (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.
ETC -- Internet Home Page: http://www.etcusa.com
Contact: Duane D. Deaner, CFO Tel: 215-355-9100 (ext. 1203) Fax: 215-357-4000
SOURCE Environmental Tectonics Corporation