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| Environmental Tectonics Corporation Awarded Contracts under U.S. Army's PEO STRI Omnibus Contract II (STOC II)
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| Southampton, PA, February 5, 2009 - Environmental Tectonics Corporation (AMEX: ETC) ("ETC" or the "Company") today announced that they have been awarded Contracts under the U.S. Army's Program Executive Office for Simulation, Training and Instrumentation (PEO STRI) Omnibus Contract II (STOC II). STOC II is a contract vehicle to assist PEO STRI and its customers (both Domestic and Foreign) in satisfying training mission requirements, the primary goal being to establish a broad-based group of highly-qualified, pre-approved contractors that are capable of rapidly and effectively providing task-specific solutions to simulation, training and instrumentation requirements. STOC II is a set of multiple-award Indefinite Delivery / Indefinite Quantity (IDIQ) contracts, utilizing streamlined contracting procedures. ETC received contract awards in both STOC II lots - the Full & Open Lot and the Small Business Set-Aside Lot, maximizing the number of requirements ETC will be eligible to participate in. A total of 142 companies received awards over the two lots. With a projected contract vehicle ceiling of $17 billion U.S. Dollars over 10 years, STOC II is the largest contract vehicle ever awarded by PEO STRI. ETC's President and CEO, William F. Mitchell, commented, "We are very pleased to have been awarded contracts in both STOC II Lots, and feel that ETC has a lot to offer PEO STRI in terms of our existing, proven simulation and training systems. We anticipate that several of our business units will participate in upcoming requirements and hope to establish a long-term relationship with PEO STRI and their 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 http://www.etcusa.com | |||