ETC Announces Management Transitions
SOUTHAMPTON, PA, USA, September 18, 2014 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today announced that the Company is making a management transition. H.F. (“Gerry”) Lenfest has been named Chairman of the Board, and Mr. Robert (“Bob”) L. Laurent, Jr. has been named Chief Executive Officer, while continuing as President. The Chairman and Chief Executive Officer positions were formerly held by William F. Mitchell, Sr.
Mr. Laurent has served as President of the Company since November 19, 2013, and prior to being promoted to President, served as Chief Financial Officer from June 2011. From 1980 to 2008, Mr. Laurent was with Fedders Corporation where he served as Executive Vice President and Chief Financial Officer from 1987 to 1998 and from 2004 to 2008. From 1998 to 2004, Mr. Laurent served as Executive Vice President – Acquisitions and Alliances. From 2008 through 2010, Mr. Laurent served as a private consultant. Mr. Laurent has extensive experience in international business, strategic planning, leadership and finance.
With respect to ETC’s Board of Directors, in addition to Mr. Lenfest being appointed Chairman, George K. Anderson, M.D. will be appointed as Vice Chairman.
Mr. Lenfest said, “I can speak for the Board in thanking Bill for his efforts. At the same time, the Board welcomes Bob Laurent to his new role in leading the Company, and looks forward to having the benefit of his skills, experience, and leadership in taking ETC forward.” Implementation of these changes will commence today.
ETC designs, manufactures, and sells software driven products and services used to recreate and monitor the physiological effects of motion on humans, and equipment to control, modify, simulate and measure environmental conditions. Our products include aircrew training systems (aeromedical, tactical combat, and general), disaster management systems, sterilizers (steam and gas), environmental testing products, hyperbaric chambers, and other products that involve similar manufacturing techniques and engineering technologies. ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC is headquartered in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.
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.