Environmental Tectonics Corporation Announces That the NYSE AMEX LLC has Extended the Timeframe for the Company to Regain Compli
April 03 2009 - 7:30AM
PR Newswire (US)
SOUTHAMPTON, Pa., April 3 /PRNewswire-FirstCall/ -- Environmental
Tectonics Corporation (NYSE AMEX LLC: ETC) ("ETC" or the "Company")
today reported that on March 27, 2009, the NYSE AMEX LLC ("AMEX")
agreed to continue the listing of the Company's common stock
through at least August 11, 2009 and January 4, 2010, subject to
the Company attaining certain milestones. The Company had submitted
a compliance plan in response to a letter received from AMEX on
July 2, 2008 stating that the Company was not in compliance with
Section 1003 of the AMEX Company Guide. The Company had submitted
an additional compliance plan in response to a letter received from
AMEX on February 11, 2009 stating that the Company was not in
compliance with Section 704 of the AMEX Company Guide.
Specifically, the Company is not in compliance with Section
1003(a)(i) of the AMEX Company Guide with stockholders' equity of
less than $2,000,000 and losses from continuing operations and net
losses in two out of its three most recent fiscal years, Section
1003(a)(ii) of the AMEX Company Guide with stockholders' equity of
less than $4,000,000 and losses from continuing operations and net
losses in three out of its four most recent fiscal years, and
Section 1003(a)(iii) of the AMEX Company Guide with stockholders'
equity of less than $6,000,000 and net losses in its five most
recent fiscal years. Additionally, the Company is not in compliance
with Section 704 of the AMEX Company Guide in that the Company
failed to hold an annual meeting of its shareholders in 2008. This
non-compliance by the Company with Sections 704 and 1003 of the
AMEX Company Guide makes the Company's common stock subject to
being delisted from AMEX. The Company has been granted an extension
until August 11, 2009 to hold an annual meeting of its shareholders
and regain compliance with Section 704 of the AMEX Company Guide.
The Company had previously been granted an extension until March
16, 2009 to regain compliance with Section 1003 of the AMEX Company
Guide. The Company has now been granted an additional extension
until January 4, 2010 to regain compliance with Section 1003 of the
AMEX Company Guide. The Company will be required to achieve certain
milestones during the extension periods and will be subject to
periodic review by AMEX staff during such extension periods.
Failure to make progress consistent with the compliance plans or to
regain compliance with the continued listing standards by the end
of either extension period could result in the Company being
delisted from AMEX. As a consequence of falling below the continued
listing standards of the AMEX Company Guide, the Company has been
included in a list of issuers that are not in compliance with
AMEX's continued listing standards. Additionally, an indicator has
been added to the Company's trading symbol noting the Company's
non-compliance with the continued listing standards of the AMEX
Company Guide until such time as the Company regains compliance
with the applicable listing standards. ETC designs, develops,
installs and maintains aircrew training systems (aeromedical,
tactical combat and general), disaster management training systems
and services, entertainment products, sterilizers (steam and gas),
environmental testing products, hyperbaric chambers and related
products for domestic and international customers. This press
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on ETC's current expectations
and projections about future events. These forward-looking
statements are subject to known and unknown risks, uncertainties
and assumptions about ETC and its subsidiaries that may cause
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by these
forward-looking statements. These forward-looking statements
include statements with respect to the Company's vision, mission,
strategies, goals, beliefs, plans, objectives, expectations,
anticipations, estimates, intentions, financial condition, results
of operations, future performance and business of the company,
including but not limited to, (i) the potential delisting of the
Company's common stock from the NYSE AMEX LLC (AMEX) as a result of
the Company's failure to comply with the AMEX listing standards,
(ii) the completion of additional financing transactions to support
the Company's operation, (iii) projections of revenues, costs of
materials, income or loss, earnings or loss per share, capital
expenditures, growth prospects, dividends, capital structure, other
financial items and the effects of currency fluctuations, (iv)
statements of our plans and objectives of the Company or its
management or Board of Directors, including the introduction of new
products, or estimates or predictions of actions of customers,
suppliers, competitors or regulatory authorities, (v) statements of
future economic performance, (vi) statements of assumptions and
other statements about the Company or its business, (vii)
statements made about the possible outcomes of litigation involving
the Company, and (viii) statements preceded by, followed by or that
include the words, "may," "could," "should," "looking forward,"
"would," "believe," "expect," "anticipate," "estimate," "intend,"
"plan," or the negative of such terms or similar expressions. These
forward-looking statements involve risks and uncertainties which
are subject to change based on various important factors. Some of
these risks and uncertainties, in whole or in part, are beyond the
Company's control. Factors that might cause or contribute to such a
material difference include, but are not limited to, those
discussed in the Company's Annual Report on Form 10-K for the
fiscal year ended February 29, 2008, in the section entitled "Risks
Particular to Our Business." Shareholders are urged to review these
risks carefully prior to making an investment in the Company's
common stock. The Company cautions that the foregoing list of
important factors is not exclusive. Except as required by federal
securities law, the Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company. Contact:
Duane D. Deaner, CFO Tel: 215-355-9100 (ext. 1203) Fax:
215-357-4000 ETC - Internet Home Page: http://www.etcusa.com/
DATASOURCE: Environmental Tectonics Corporation CONTACT: Duane D.
Deaner, CFO, +1-215-355-9100 (ext. 1203), Fax: +1-215-357-4000 Web
Site: http://www.etcusa.com/
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