Environmental Tectonics Corporation (ETC) has received a notice from the staff of NYSE Alternext US LLC (NYSE Alternext) on February 11, 2009. Notice indicates that the company does not comply with Section 704 of the NYSE Alternext company guide which requires the company to hold a meeting of shareholders on an annual basis. The non-compliance with Section 704 of the NYSE Alternext makes the company's common stock subject to being delisted from the NYSE Alternext.
The ETC is required to submit a plan to the US Alternext US by March 10, 2009 advising US Alternext US LLC of the actions that it plans to take to bring the company into compliance with Section 704 of the US Alternext US company guide by August 11, 2009. The company plans to submit a plan by such date. There can be no assurance that the US Alternext US LLC will accept the company’s plan for compliance or, if accepted, that the plan will be implemented by August 11, 2009.
An indicator will be added to the company’s trading symbol noting the company’s non-compliance with Section 704 of the US Alternext US company guide until such time as the Ccompany regains compliance with the applicable listing standards.