Press Release from ETC - Notice Time frame for performance mentioned in article.
Environmental Tectonics Corporation Signs Major Entertainment Ride Contract; Company Backlog Hits Record Level
Wednesday, February 2, 2000 07:47 AM
SOUTHAMPTON, Pa., Feb. 2 /PRNewswire/ -- William F. Mitchell, President and CEO, Environmental Tectonics Corporation (ETC) (Amex: ETC), announced the signing of a contract with a major entertainment industry Customer on January 28, 2000. The contract, exceeding $25 million in value, with an approximately 3-year performance period, was awarded to ETC's wholly owned subsidiary, Entertainment Technology Corporation, and will be performed at ETC's Southampton, PA, facilities. The total project will entail the design and production of a totally new entertainment ride attraction, and also includes supervising of installation. In issuing the announcement, Mitchell noted that the project has been in the development stage for over 18 months, and is now ready to enter the final design and production stages. The development effort represented a unique cooperative effort between ETC and its Customer, whose identity may not be disclosed because of contractual prohibitions. The Customer's selection of ETC for this major project was a direct result of ETC's exceptional combination of advanced ride perception technology and superior technical and manufacturing capabilities. Mr. Mitchell also commented that, "This contract reflects the Customer's high level of confidence in our ability to work with them on a day-to-day basis. This confidence has been evidenced by several other very successful entertainment rides we have produced for them, and several projects now in progress. It is certainly a major milestone, and it firmly establishes ETC as a major player in the robustly expanding entertainment ride market."
With the addition of this contract, ETC's total backlog now approaches $53 million -- the largest in its 30-year history.
For nearly 30 years, ETC has been on the leading edge of the design, manufacture, installation, training and long-term maintenance of its products in the U.S. and 65 countries worldwide. These products include: aircrew training systems for standard and high-performance aircraft; disaster management simulators; industrial sterilization equipment and environmental simulation systems; clinical Hyperbaric systems, entertainment/amusement systems; and related hardware and software products. ETC's main plant and offices are located in Southampton, PA, USA, with subsidiary locations in Orlando, FL, the UK, Warsaw, Poland and Ankara, Turkey.
Certain matters in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. This includes, but is not limited to, market acceptance of new products, competitive actions, economic conditions, and other risks indicated in filings from time to time with the Securities Exchange Commission.
SOURCE Environmental Tectonics Corporation