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SOUTHAMPTON, Pa., Sept. 20 /PRNewswire-FirstCall/ -- Environmental
Tectonics Corporation (Amex: ETC) (the "Company") today announced that a major
subcontract award was made by L-3 Communications, Arlington, TX ("L-3") to its
subsidiary, ETC-PZL Aerospace Industries ("ETC-PZL") in Warsaw, Poland. Under
the contract, valued at approximately $6.6 million, ETC-PZL will assemble,
test and deliver several L-3-designed simulators, as well as furnish ETC-PZL's
own commercial cockpit simulators; additionally, long-term maintenance and
support services for all of the trainers will be provided. The entire effort
is expected to extend over a period of five years, including the support
period.
The project stems from L3's prime contract with the U.S. Air Force to provide training devices/simulators in support of Lockheed Martin Aeronautical Company's multi-billion-dollar contract with the Polish Air Force (PAF), awarded in December 2002, for F-16 fighter aircraft. ETC-PZL has been designing and manufacturing its own product line of pilot training devices, primarily to the PAF, for over a dozen years. They will employ their available engineering design and production resources to perform on the L-3 project, which represents the largest contract ever received by ETC-PZL. William F. Mitchell, ETC's President and Chairman, said, "This new award holds long-term significance for both ETC-PZL and ETC, in view of the fact that Poland, a NATO member, just entered the European Union (EU) this past May and is expected to become a major player in the growing European marketplace for commercial and military equipment. ETC-PZL, with their proven record of experience in the design, manufacture and support of multiple types of pilot training devices, places them in an excellent position to expand their sales to other EU members, as well as to other NATO members." ETC 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 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, unfavorable 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 27, 2004. |
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