ETC’s Aerospace and Commercial/Industrial Units Awarded Contracts Totaling $13.4 Million

Rhea-AI Summary

Environmental Tectonics (OTC Pink: ETCC) has secured contracts totaling $13.4 million across its Aerospace Solutions and Commercial/Industrial Systems segments. The Aerospace unit received $9.7 million in contracts, including mid-life upgrades for various Aerospace products from three international customers and an Airfield Driver Training Simulator System for a major U.S. airport. The Commercial/Industrial Systems segment was awarded $3.7 million in contracts from two domestic customers, covering four steam sterilizer system chambers and a 300kW air-to-water heat pump Psychometric Test Room. CEO Robert L. Laurent, Jr. emphasized that these contracts demonstrate the wide-ranging demand for ETC's engineered solutions across all business units.

Positive

• Secured $13.4 million in new contracts across multiple business segments
• Aerospace Solutions segment awarded $9.7 million in international contracts
• Commercial/Industrial Systems segment received $3.7 million in domestic contracts
• Diversified contract portfolio spanning multiple product lines and geographies

Negative

• None.

News Market Reaction

+3.93%

1 alert

+3.93% News Effect

On the day this news was published, ETCC gained 3.93%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SOUTHAMPTON, Pa., Sept. 09, 2024 (GLOBE NEWSWIRE) -- Environmental Tectonics Corporation’s (OTC Pink: ETCC) (“ETC” or the “Company”) Aerospace Solutions Segment announced it has been awarded $9.7 million in contracts from three international customers in the Aeromedical Training Solutions (“ATS”) business unit for mid-life upgrades of various Aerospace products as well as a contract for an Airfield Driver Training Simulator System at a large International Airport located in the United States by its Simulation business unit (“ADMS”).

In addition, ETC’s Commercial/Industrial Systems Segment was awarded $3.7 million in contracts from two domestic customers. The contracts include four steam sterilizer system chambers from the Sterilization Systems Group as well as the design, supply and installation of a 300kW air to water heat pump Psychometric Test Room by ETC’s Environmental Testing and Simulation Systems (“ETSS”) unit.

“These six contracts highlight the broad based demand for ETC’s engineered solutions across all our business units” states Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President.

About ETC
ETC designs, manufactures, and sells software-driven products and services used to recreate and monitor the physiological effects of motion on humans, and equipment to control, modify, simulate and measure environmental conditions. Our products include aircrew training systems (aeromedical, tactical combat, and general), disaster management systems, sterilizers (steam and gas), environmental testing and simulation systems, and other products that involve similar manufacturing techniques and engineering technologies. ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

Forward-looking Statements
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.

FAQ

What is the total value of contracts awarded to Environmental Tectonics (ETCC) in September 2024?

Environmental Tectonics (ETCC) was awarded contracts totaling $13.4 million in September 2024.

How much in contracts did ETCC's Aerospace Solutions Segment receive?

ETCC's Aerospace Solutions Segment received $9.7 million in contracts from three international customers and a U.S. airport.

What types of products are included in the Commercial/Industrial Systems Segment contracts for ETCC?

The Commercial/Industrial Systems Segment contracts for ETCC include four steam sterilizer system chambers and a 300kW air-to-water heat pump Psychometric Test Room.

Who commented on the significance of these contracts for Environmental Tectonics (ETCC)?

Robert L. Laurent, Jr., ETC's Chief Executive Officer and President, commented on the significance of these contracts, stating they highlight the broad-based demand for ETC's engineered solutions across all business units.