News Release
Click CTRL + p to print.
| Environmental Tectonics Corporation's Polish Subsidiary, ETC-PZL, Announces the Award of a Major Government Grant to Develop and Market Driver Training Simulators; Simulators to be Sold Commercially after Completion
|
| Southampton, PA, June 2, 2009 — Environmental Tectonics Corporation (Pink Sheets: ETCC) ("ETC" or the "Company") today announced that on May 11, 2009 their Polish subsidiary ETC-PZL Aerospace Industries Ltd. ("ETC-PZL") entered into a contract with the Polish Government to develop and produce two high level driver training simulators, one of which will be designed for bus driver training and the other for motor truck driver training. These simulators will be developed in conjunction with the Warsaw Technical University, who will act as a subcontractor to ETC-PZL. ETC-PZL has also signed a contract to sell the two simulators to a commercial customer in Poland upon completion. The project including grant funds and the sale has a total value of 8.7 million Polish zloty (approximately $2.7 million) and a completion period of 16 months. The first stage of the program will be conducting experimental research of a bus and a truck in order to take measurements of their characteristics and parameters, based on which further mathematics models will be developed. The models in turn will enable ETC-PZL to develop software faithfully reproducing motion dynamics of every simulated vehicle. These works will be carried out under supervision of The Warsaw University of Technology —Transportation Faculty in co-operation with the Polish research institute engaged in automotive issues. The simulators manufactured by ETC-PZL will incorporate the latest in technology and computer techniques. Modular structure of software will facilitate modification and upgrades as required. The simulators will be equipped with ETC-PZL's state-of-the-art six Degree of Freedom ("6 DoF) motion system and a visualization system with a screen of not less than 180 degrees horizontal field of view. The devices will simulate the full experience of driving a bus or three types of truck driving applications (a cab, a truck with a trailer and a truck-tractor with a semi-trailer). They will allow the student to improve their driving skills under almost every terrain and road and weather condition. The simulators will train the student in economical driving with optimum fuel consumption and optimum wear of the brake system. In addition, the simulators will assess the reactions of a trained driver in difficult and unplanned driving situations. Anna Brzozowska, President of ETC-PZL, stated, "Development of these simulators will add an important new product to our commercial line. We anticipate the driving training market to be a potential growth area. Hopefully the use of these simulators will lead to the development of regional training centers by local and international motor transport companies." For over 20 years ETC-PZL has specialized in the design and production of simulators and training devices for both military and civilian 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 | |||