ETC Announces Decision to Deregister its Common Stock
SOUTHAMPTON, PA, USA, February 15, 2013 – Environmental Tectonics Corporation (OTCQB: ETCC) (“ETC” or the “Company”) announced today that its Board of Directors approved the filing of a Form 15 with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934 (“the Exchange Act”). The Company intends to file the Form 15 on or about February 25, 2013. As a result of the filing of the Form 15, the Company’s reporting obligations, including its obligations to file annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K with the SEC, will be suspended. Other filing requirements will terminate upon the effective date of the Form 15, which is expected to occur 90 days after filing.
ETC’s President and CEO William F. Mitchell, Sr. commented, “The Company’s decision to deregister was made after careful consideration of the advantages and disadvantages, and in light of our size and market capitalization, and the high costs and demands on management’s time of our ongoing compliance with SEC and Sarbanes-Oxley reporting requirements. We expect to recognize substantial cost savings associated with this decision, in addition to allowing senior management to devote more resources to the core business of ETC.”
ETC intends to continue to prepare and publish quarterly and annual financial results that will include much of the financial information currently disclosed in the Company’s SEC periodic reports. In addition, the Company intends for its annual financial statements to continue to be audited.
The Company also expects that the Company’s common stock will continue to be traded in the over-the-counter market under the ticker symbol “ETCC”. No guarantee, however, can be made that a trading market in the Company’s common stock through any over-the-counter market will be maintained.
This news release contains forward-looking statements, which are based on management's expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "future", "predict", "potential", "intend", or "continue", and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.