Environmental Tectonics Corporation (NYSE Amex: ETC) (“ETC” or the “Company”) announced that on March 6, 2009, following two days of review, ETC received confirmation of acceptance of the ETC IRB proceedings from the NASA Langley IRB. This approval demonstrates ETC’s and its NASTAR Center’s capability to conduct research in a manner consistent with federal procedures and regulations regarding human subjects.
In efforts to complete an aircraft Upset Recovery research project funded by NASA Langley and to mature research processes as a whole, ETC entered into a grant agreement that required review by an Institutional Review Board (IRB). ETC elected to form and go through the process to certify an Institutional Review Board (IRB). The function of the IRB is to ensure that NASTAR Center protects the safety, health, privacy, and welfare of human subjects who participate in NASTAR Center research projects in accordance with the regulations and policies prescribed by the Code of Federal Regulations for the Protection of Human Subjects and NASA Policy Directives for the Protection of Human Research Subjects. ETC was required to go through a formal application process with the U.S. Department of Health and Human Services and to conduct training of the IRB members to certify the IRB. IRB review is required for research that involves participation by human subjects.
On February 16th, 2009 the ETC IRB officially convened to approve the Upset Recovery research to be conducted under the grant funded by NASA Langley. The IRB approved all aspects of the experiment. The grant also required that any ETC IRB proceedings also be approved by the NASA Langley IRB. ETC received confirmation of acceptance of IRB proceedings following only two days of review. This demonstrated ETC and NASTAR Center’s capability not only to conduct research but to do so in a manner consistent with federal procedures and regulations regarding human subjects. In addition, future customers now have the option of having their research approved at ETC rather than going through the process of convening their own costly IRB process.
William F. Mitchell, ETC’s President and Chairman, stated, “The accepted findings of ETC’s IRB are an important step in establishing the NASTAR Center as a world class training and research facility.”
ETC was incorporated in 1969 in Pennsylvania and this year we will celebrate our 40th anniversary. Our core technologies include the design, manufacture and sale of Training Services (TSG) which includes (1) software driven products and services used to create and monitor the physiological effects of flight; (2) high performance jet tactical flight simulation; (3) driving and disaster simulation systems, and Control Systems (CSG) which includes: (1) steam and gas sterilization; (2) testing and simulation devices for the automotive industry; (3) hyperbaric and hypobaric chambers. Product categories included in TSG are Aircrew Training Systems (ATS) and flight simulators, disaster management systems and entertainment applications. CSG includes sterilizers, environmental control devices and hyperbaric chambers along with parts and service support.
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’s 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) potential additional funding by H.F. Lenfest, a member of our Board of Directors and a significant shareholder and PNC Bank, (ii) the delisting of the Company’s common stock from the NYSE AMEX LLC (formerly the American Stock Exchange) (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, (viii) statements regarding the Company’s ability to obtain financing to support its operations and other expenses, and (ix) 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 10K for the fiscal year ended February 27, 2009, 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.
