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Southampton, PA: March 8, 2004. Today, the Environmental Tectonics Corporation of Southampton, Pennsylvania, USA (AMEX:ETC) is pleased to announce that it has reached an agreement with the UK Defence Procurement Agency (DPA) resolving their past differences in relation to a contract for a human training centrifuge that was entered into in 1997 and was brought to an end in 2001.
According to William F. Mitchell, ETC's president and CEO, "ETC, as a public company, is required to inform its shareholders of material developments that affect the Company. I am very pleased that the DPA and ETC have been able to reach agreement in this matter. This will enable ETC to focus on future development of its centrifuges." As part of the agreement, the DPA will make a contribution to ETC of $10.5 million in final settlement of their past differences. This statement is made with the agreement of the UK Ministry of Defence. This press release may include 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. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause our actual results, levels of activity, performance or achievements to be materially different from any other future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "would", "expect", "plan", "anticipate", "believe", "estimate", "continue", or the negative of such terms or similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, contract cancellations, failure to obtain new contracts, political unrest in customer countries, unfavourable results in litigation, general economic conditions and those issues identified from time to time in our Securities and Exchange Commission filings and other public documents, including, without limitation, our Annual Report on Form 10-K for the fiscal year ended February 28, 2003. |
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