Environmental Tectonics Corporation

Southampton, PA: (Jul-16-07) Environmental Tectonics Corporation, a manufacturer of software driven products used to recreate and monitor the physiological effects of motion, announced that it has reached a settlement with the government regarding the sale of submarine rescue decompression chambers. As part of the settlement reached, the Southampton, Pennsylvania-based company will pay the Government $3.3 million and transfer the submarine rescue decompression chambers to the Government, at which time the company will have no further obligations or claims under this contract. The approval process may take up to 90 days and is subject to necessary governmental approvals. The company expects to fund the $3.3 million cash payment with a combination of cash on hand and through an additional investment by H. F. Lenfest, a significant shareholder and member of the company's Board. [PR NEWSWIRE: SUBMARINE CONTRACT]

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Published on Jul-18-07