ETC’s Selects Robert L. Laurent, Jr. to Succeed Duane D. Deaner as Chief Financial Officer
SOUTHAMPTON, Pa., June 15, 2011 — Environmental Tectonics Corporation (OTC Bulletin Board: ETCC.PK) (“ETC” or the “Company”) today announced that Robert L. Laurent, Jr., will succeed Duane D. Deaner as the Company’s Chief Financial Officer when Mr. Deaner retires effective July 8, 2011.
Mr. Laurent, age 56, currently the Company’s Controller, has an extensive background in accounting and finance with an international public company.
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. Mr. Laurent was a private consultant from 2008 through 2010. Mr. Laurent has a B.S. in Accounting from Villanova University.
Following his retirement, Mr. Deaner will remain employed by the Company on a part-time basis in an advisory role.
William F. Mitchell, ETC’s Chairman and President, stated, “Mr. Deaner has loyally served ETC as our chief financial architect since January 1996. We are sorry to see him retire but he has left the Chief Financial Officer role in the capable hands of Bob Laurent. We sincerely appreciate all his service and wish him the best going forward.”
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.