ETC Announces the Appointment of Michael Malone as Vice Chairman of the Company’s Board of Directors
SOUTHAMPTON, PA, USA, November 16, 2015 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today announced that Michael Malone, Vice Admiral, U.S. Navy (Ret.), has been elected as Vice Chairman of the Company’s Board of Directors, replacing H.F. “Gerry” Lenfest who stepped down as Vice Chairman for personal reasons. Mr. Lenfest will continue to serve on the Company’s Board of Directors.
Vice Admiral Malone has been a member of ETC’s Board of Directors since 2012. He is a proven leader with extensive experience in large-scale operations within the military as well as in the private sector. Before joining ETC, Vice Admiral Malone was the President of Skarven Enterprises, where he directed all company operations including P&L responsibility, strategic planning, budget development and personnel oversight. Additionally, he serves on the Board of Directors for a global leader in access control and wireless security systems.
Mr. Lenfest, who has served on ETC’s Board of Directors for ten years, is an entrepreneur and a philanthropist. He has owned a number of businesses and is active in many philanthropic activities including Chairman of the Board of the Museum of the American Revolution, and former Chair of the Boards of the Philadelphia Museum of Art, the Curtis Institute of Music, the Lenfest Foundation, and the James Madison Council of the Library of Congress. Mr. Lenfest was also a Trustee of Columbia University.
Robert L. Laurent, Jr., Chief Executive Officer, President, and Director, said “ETC will continue to benefit from Mr. Lenfest’s extensive business expertise and experience and his unwavering support. ETC will also benefit from Vice Admiral Malone’s achievements in both the defense and private sector, which strengthen the Board’s collective qualifications, skills, and experience. ETC is grateful for their continued service and contributions to the Company.”
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.