ETC Announces Receipt of Contract From United States Navy Valued at $19 Million
Southampton, PA, February 2, 2009 – Environmental Tectonics Corporation (AMEX: ETC) (“ETC” or the “Company”) announced today that it has been awarded a contract by the United States Navy for a Disorientation Research Device. The contract, valued at over $19 million, was awarded to ETC following a competitive bid process. The device, ETC’s GYROLAB GL-6000, will be manufactured at ETC’s main manufacturing plant in Southampton, PA.
The contract calls for delivery by July 2011. It will be installed at the 711th Human Performance Wing at Wright Patterson AFB, OH. The GL-6000 will support research activities conducted by the Naval Aerospace Medical Research Laboratory (NAMRL).
ETC’s GYROLAB GL-6000 will provide the most advanced technology for research by featuring sustained-G capability and six distinct degrees of freedom (motions). The GL-6000 is capable of generating sustained G forces of up to 3Gs as well as motion in pitch, roll, yaw, heave, sway (side to side) and surge (fore – aft). The GL-6000 supports clinical research into high performance aircraft human factors issues. Additionally, the GL-6000 can support operational research including Head Up Displays, flight control ergonomics and instrument displays.
William F. Mitchell, President and Chairman of ETC, stated, “ETC is proud to be awarded the U.S. Navy contract for the NAMRL Disorientation Research Device. We look forward to providing this advanced technology device to support research activities to solve the human factors issues encountered by aircrew flying today’s and tomorrow’s high performance aircraft. The U.S. Navy is a long time and valued customer of ETC.”
An event attended by the news media, numerous ETC suppliers and subcontractors, and several dignitaries was held at ETC’s main manufacturing facility to announce the award of the contract that will generate jobs for the community and improve the health and safety of thousands using the GL-6000, next generation in motion-based technology. Congressman Patrick Murphy, a strong supporter of ETC participated and addressed the positive economic impact this contract will have for the state of Pennsylvania.
H.F. (Gerry) Lenfest, a member of ETC’s Board of Directors and a significant shareholder, stated,” I am very pleased that the Navy chose ETC to provide this device. ETC is a small business that has leading technology and a strong manufacturing base. This award is good for Pennsylvania and for the U.S.A.”.
ETC has been developing high performance aeromedical training and research devices for 40 years. The GL-6000 is designed to be a highly capable and flexible device that can support current and future research needs.
Foward-Looking Statement: This press release contains forward-looking statements, which are based on management's current 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, but are not the exclusive means of identifying such statements. The Company's actual results could differ materially from those anticipated in forward-looking statements as a result of a variety of factors, including those discussed in "Risk Factors" included in the Company's most-recent Annual Report on Form 10-K filed with the United States Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements.
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