| SOUTHAMPTON, Pa., Sept. 16 /PRNewswire-FirstCall/ -- ENVIRONMENTAL
TECTONICS CORPORATION (Amex: ETC) announced that it was awarded a firm
contract from a Southeast Asian customer to provide a turnkey project for the
Company's High Performance Human Centrifuge, Model GFET-II, at a price of
approximately $14 million. In addition to the Centrifuge, the project
includes training and long-term operation and maintenance services, and a
fully equipped facility to house the Centrifuge, plus administrative offices
and classrooms. The GFET-II is the third generation human centrifuge produced
by ETC, and is the most technologically advanced of its kind in the world.
Because of its superior design, the GFET-II will provide the highest degree of
realism, and safest environment, available today for G-force training of
pilots and crew of high-performance aircraft. ETC had been notified of its
selection on the project this past May; while the customer signed the formal
letter of acceptance on September 10th. Delivery is to be made in 2004,
followed by a two-year on-site operation and maintenance service period. With this award, the Company continues its world leadership in the production of G-force training facilities, having designed, built, installed and maintained human centrifuges for the U.S. Air Force and U.S. Navy, as well as the Air Forces of Korea, Singapore, Japan and Nigeria. ETC has been in the forefront of aircrew training equipment and facilities for over 30 years, with equipment installations in over 50 countries. William F. Mitchell, ETC's President and CEO, commented that, "I am very happy that we have put this contract to bed. We have been working with the customer for a long time to develop specifications, building plans, training curricula, etc., and we look forward to providing them with the finest G- training equipment and services available in the world today. It will be a solid addition to their aircrew training program." ETC also designs, develops, installs and maintains aircrew training systems, public entertainment systems, process simulation systems (sterilization and environmental), clinical hyperbaric systems, environmental testing and simulation systems, and related products for domestic and international customers. This report contains certain "forward-looking" statements including, without limitation, statements containing the words "believes", "anticipates", "intends", "expects", and words of similar import relating to the Company's operation. There are important factors that could cause actual results to differ materially from those indicated by such forward-looking statements including contract cancellations, political unrest in customer countries, general economic conditions and the risk factors detailed from time to time in Environmental Tectonics Corporation's periodic reports filed with the Securities and Exchange Commission including, without limitation, Environmental Tectonics Corporation's Annual Report on Form 10-K for the fiscal year ended February 22, 2002. |
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