-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KOS0O8IgKE3YiSM74mhMPjzHmD0EfNjE7s+f1bx+B0KejYcpd5+IjkgsnK4ujIvN PjoD0zht64QDaUlyBpALxw== 0000903594-97-000031.txt : 19970411 0000903594-97-000031.hdr.sgml : 19970411 ACCESSION NUMBER: 0000903594-97-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970327 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970410 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRONMENTAL TECTONICS CORP CENTRAL INDEX KEY: 0000033113 STANDARD INDUSTRIAL CLASSIFICATION: ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842] IRS NUMBER: 231714256 STATE OF INCORPORATION: PA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10655 FILM NUMBER: 97577951 BUSINESS ADDRESS: STREET 1: COUNTY LINE INDUSTRIAL PARK CITY: SOUTHAMPTON STATE: PA ZIP: 18966 BUSINESS PHONE: 2153559100 MAIL ADDRESS: STREET 1: COUNTYLINE INDUSTRIAL PARK CITY: SOUTHAMPTON STATE: PA ZIP: 18966 FORMER COMPANY: FORMER CONFORMED NAME: ENVIRONMENTAL TECHNOLOGY CORP DATE OF NAME CHANGE: 19730208 8-K 1 _________________________________________________________________ _________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 27, 1997 ENVIRONMENTAL TECTONICS CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 1-10655 23-1714256 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Ident. No.) County Line Industrial Park, Southampton, Pennsylvania 18966 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 355-9100 N/A (Former name or former address, if changed since last report.) _________________________________________________________________ _________________________________________________________________ Item 5. Other Events. The press release of Environmental Tectonics Corporation dated April 7, 1997 is attached hereto as Exhibit 99 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (a) Exhibits. The following exhibits are filed herewith: 99 Press Release, dated April 7, 1997, of Environmental Tectonics Corporation. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENVIRONMENTAL TECTONICS CORPORATION Dated: April 10, 1997 By /s/ Duane Deaner Duane Deaner Chief Financial Officer EXHIBIT INDEX Exhibit Number 99 Press Release, dated April 7, 1997, of Environmental Tectonics Corporation EX-99 2 EXHIBIT 99 ETC INKS $16.5 MILLION FINANCIAL PACKAGE SOUTHAMPTON, PA.; April 7, 1997 - ENVIRONMENTAL TECTONICS CORPORATION (AMEX:ETC) announced today that it has concluded a major recapitalization arrangement with the First Union National Bank of Philadelphia and Tandem Capital Corporation, a subsidiary of Sirrom Capital Corporation (NASDAQ:SROM), of Nashville, TN. The transaction includes a revolving senior line of credit of $10 million provided by First Union, and $4.0 millon of 12% subordinated debentures with warrants and $2.5 million of convertible preferred stock provided by Tandem. On a fully diluted basis, the warrants are exercisable for 5% of the common stock of the Company. The convertible preferred stock carries a conversion price of between $6 and $7.50 per share of common stock, depending on certain specified events. Both the warrant and the preferred stock contain customary antidilution provisions. This new capital has enabled ETC to refinance its existing debt at more attractive interest rates and terms, and will provide funding for the Company's aggressive growth plans. The entire transaction was arranged by Berwind Financial Group of Philadelphia, PA, who acted as ETC's exclusive agent and financial advisor throughout the extensive process. According to William F. Mitchell, ETC's President and CEO, "This is a landmark event for ETC, coming at a significant stage of our growth, and it could not have happened at a better time. First, it will enable us to immediately expand our marketing efforts, both in the U.S. and abroad, which will certainly increase our business opportunities. Second, it will accelerate the growth of our already strong technological base by making adequate funding readily available. Third, it provides the solid financial base needed to support increased sales. Also, we can now continue with planned enhancements to our operations. We have seen consistent improvement over the last seven quarters, and our backlog remains strong. This new capital is the jump-start we've needed to move on to a new plateau." ETC designs, manufactures, and installs aircrew training systems, sterilizer equipment, hyperbaric systems, environmental testing and simulation systems, and related products for domestic and international customers. ETC is listed on the AMEX under the stock symbol "ETC." Contact: Mike Mulshine ETC - Internet Home Page: VOICE: 908-528-8585 http://www.ETCusa.com FAX: 908-223-9803 E-MAIL: MMulshine@aol.com -----END PRIVACY-ENHANCED MESSAGE-----