ETC Announces Retirement of William F. Mitchell, Sr.
SOUTHAMPTON, PA, USA, September 19, 2014 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announces that William F. Mitchell, Sr. has retired and has resigned from the Board of Directors of the Company. The Company previously announced a management transition, whereby Mr. Mitchell stepped down as Chairman of the Board and Chief Executive Officer of the Company.
William (“Bill”) F. Mitchell, Sr. founded the Company in 1969, and has led the company to a strong position in simulated environments for training, testing, and research & development, for a variety of niche aeromedical and commercial / industrial markets worldwide. Though Mr. Mitchell has retired and stepped down from all duties, Mr. Mitchell will be engaged as a senior technical consultant to the Company. Mr. Mitchell`s consulting engagement will be for a period of up to 36 months, and he will be eligible to receive consulting fees comparable to, but less than, his cash compensation as Chief Executive Officer, along with continuing to receive certain benefits.
Robert L. Laurent, Jr., Chief Executive Officer and President of the Company, has been appointed to the Board of Directors.
Regarding Mr. Mitchell`s retirement, Mr. Robert L. Laurent, Jr. said, “In founding and leading this Company for over four decades, Bill has achieved remarkable and sustained success in developing engineering solutions across a wide variety of markets, in developing a solid and tenured team of dedicated professionals, and in establishing customer relationships and a reputation for integrity. ETC thanks Bill for his achievements, and ETC will seek to further strengthen relationships and to build upon that foundation.”
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.