ETC Announces Review of Strategic Alternatives
SOUTHAMPTON, PA, USA, September 25, 2017 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”), an environmental simulation company that provides state-of-the-art training equipment (including motion-based virtual reality and augmented reality simulators), emergency response training simulators, and commercial equipment for the automotive, HVAC, health care, and medical device industries, today announced that it has commenced a process to explore and evaluate potential strategic alternatives for the Company.
Dr. George K. Anderson, Chairman of ETC’s Board of Directors, stated that “the Board is encouraged by the Company’s recent performance and in keeping with our commitment to act in the best interests of all shareholders we believe at this time that it is prudent to explore strategic alternatives to determine the best opportunities for enhancing shareholder value. During this process the Board is committed to supporting the Company’s management and employees in their ongoing efforts to deliver its best in class aerospace and commercial industrial products to our valued customers.”
Robert L. Laurent, Jr., ETC’s President and CEO, stated that “as the Company undertakes this exploration process, we are focused on the execution of our business strategy and remain fully committed to serving our customers’ needs.”
ETC’s Board has established a special Committee to explore and evaluate strategic alternatives. Potential strategic alternatives that may be explored or evaluated as part of this process include, among other possible alternatives, the potential for an acquisition, merger, business combination, or other strategic transaction involving the Company. There can be no assurance that the process described above will result in the consummation of any transaction or, if a transaction is undertaken, as to its terms, structure or timing.
Stout Risius Ross Advisors, LLC is acting as financial advisor to the Company. Morgan, Lewis & Bockius LLP is acting as legal advisor.
ETC does not expect to disclose further developments during this process unless and until the Company’s Board of Directors has approved a specific transaction or otherwise determined that disclosure is appropriate.
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.