ETC Announces Voluntary Deregistration of its Common Stock
SOUTHAMPTON, PA, USA, March 27, 2013 – Environmental Tectonics Corporation (OTCQB: ETCC) (“ETC” or the “Company”) announced today that it filed a Form 15 with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its shares of common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result of this filing, the Company’s obligation to file certain reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, was immediately suspended. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15.
As a result of filing the Form 15, ETC anticipates that its shares of common stock will no longer be quoted on the OTC Quality Board but instead will be quoted on the OTC Pink Market under the ticker symbol “ETCC”. However, ETC cannot guarantee that trading in its common stock will continue in the OTC Pink Market or in any other forum.
Commenting on the Form 15 filing, William F. Mitchell, Sr., ETC’s President and Chief Executive Officer, said, “After careful consideration of the advantages and disadvantages, and in light of our size and market capitalization, we have concluded that deregistration of our securities will generate substantial cost savings and allow greater management focus on the core business of ETC. Even though we will no longer be required to file reports under the Exchange Act, we still intend to release financial results, be audited annually and issue press releases from time to time for the benefit of our shareholders.”
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.