Day: July 14, 2022

Yacht Club de Monaco’s Tuiga out to conquer the Adriatic

MONACO, July 14, 2022 (GLOBE NEWSWIRE) — Yacht Club de Monaco’s flagship Tuiga (1909) has just finished her Adriatic campaign of three match race meetings against Mariska, another 15M IR out of the four in the world still sailing. The crew of YCM members, all passionate about sailing and classic yachts, certainly made their mark on this regatta circuit.

A first to get the ball rolling

The gaff cutter’s summer agenda started in Venice at the IXe Trofeo Principato di Monaco (24-26 June), an historic event as Tuiga had never dropped anchor in Venetian waters before. “Elegant yet competitive, Tuiga embodies all the values we hold dear and to see her sailing in Venice is exceptional,” said Yacht Club de Monaco General Secretary Bernard d’Alessandri. This classic yacht meeting is down to Anna Licia Balzan, Monaco’s Honorary Consul in Venice, the Monegasque Tourism and Convention Authority in Italy, and the Venice Yacht Club and its president Mirko Sguario. The sight of the Sovereign yacht in La Serenissima will remain engraved in everyone’s memories.

With her trip to the gates of San Marco Square, the longest in the Mediterranean for this gaff cutter, another chapter has been written in the 113-year history of Tuiga. It was after two days of racing, from which Tuiga emerged the overall winner, that a match race event took place against Mariska. Between these two beautiful classic yachts, designed by Scottish naval architect William Fife III, the friendly duel unfolded in the Bacino di San Marco, with the vast Venetian Arsenal providing a stunning backdrop worthy of its protagonists.

Return match in Portorož

A few days later, Tuiga set sail for Slovenia’s Portorož bay (1-3 July), a journey that took just under seven hours. After a first day training, Tuiga and Mariska had to wait patiently for several hours until the weather improved and the two gaff cutters could line up on the start of an inshore course.

The Monaco-flagged yacht demonstrated with aplomb the crew’s expertise during numerous starting procedures, knowing just how to keep their position and retain the advantage till the starting gun fired. Faster downwind with the spinnaker, Mariska eventually won this contest with a professional crew experienced in high-level regattas.

Unprecedented tour ends in Italy

It was in Trieste, Italy, (9-10 July) that the Adriatic tour ended for the two 15M IRs, with a dozen sailors from the Yacht Club Adriaco on board to lend a hand to the Monegasques on this occasion. Two races were launched in 6-12 knots on a flat sea, with the Monegasque gaff cutter in control of her opponent to the first windward mark, before crossing the finish line first to claim victory. It was all change for the second race which was finally won by Mariska.

With all things being equal between the two yachts, they will need to get together soon for a decider. Meanwhile, Tuiga is back out at sea on the way to her home port and Yacht Club de Monaco via Brindisi and Palermo.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/40d42ff5-c397-46ee-b6b0-25dfa06bbbe3 

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

 

London, July 14, 2022 (GLOBE NEWSWIRE) — The citizenship by investment programme of Saint Lucia is one of the youngest economic citizenship programmes in the Caribbean. The government has set up a dedicated Citizenship by Investment Board that oversees all the operations and assists investors while facilitating unmatched benefits for the country and its people.

The Saint Lucia Citizenship by Investment Programme Unit, a statutory body of the government is marketing and repositioning the programme under a new slogan called “Beyond the Passport.”

The Head of the Citizenship by Investment Programme Unit, Mc Claude Emmanuel said the unit is making the programme more effective for locals as well as for investors. He noted that the funds generated by the CIP of Saint Lucia are used for the development of the country, and the impact must benefit every Saint Lucian.

“Funds generated by the CIP are important for Saint Lucia. The government generates revenue from the donation offered through the programme, which is then spent on different development projects island wide. The revenue benefits social sectors, such as schools, healthcare, roads and housing,” said Mc Claude Emmanuel.

He further explained the importance of different investment options, including the National Economic Development Fund, which is also known as the Fund Option, “For the country, the Citizenship by Investment Programme holds immense importance.”

Saint Lucia’s Citizenship by Investment programme is the latest in the Caribbean region and is on par with some of the best programmes in the region. Launched in 2016, Saint Lucia has performed exceptionally well in the 2021 CBI Index, published by the PWM Magazine of Financial Times. It came out top in three pillars of excellence, namely minimum investment outlay, mandatory travel or residence and ease of processing.

Saint Lucia has been moving ahead with plans to position itself as a notable alternative to global investors in the investment mobility industry. As the world is dealing with uncertainty, entrepreneurs have been looking for stable, safe as well as peaceful destinations in which to move or start their businesses. Economic citizenship is the right choice for them. Investors can protect and grow their wealth by investing in alternative citizenship, which helps in portfolio diversification as well as wealth planning.

An investor can apply for alternative citizenship of Saint Lucia through the National Economic Fund Investment, most commonly known as the Fund Option under which the investors contribute to the country’s socio-economic development. The minimum investment under this investment option is USD 100,000.

The CIP of Saint Lucia is backed by a strong, robust and vigorous due diligence check process. The Saint Lucia government has been working closely with regional and international third-party firms to conduct background checks. The Programme is one of the most transparent in the industry, giving investors and partners access to information on how funds are used.

Citizenship by Investment Programme of Saint Lucia provides the following benefits, including:

• Makes the investor a global citizen.
• Assists the applicant in portfolio diversification and wealth planning.
• Helps in expanding business overseas.
• Provides citizenship for life, which can be passed on to future generations.
• Gives an opportunity to spend the rest of their life in a peaceful and safe environment.

The investor can apply for the alternative citizenship of Saint Lucia via the following steps:

Step 1: Completion of the application by applicants.

Step 2: Submit the application at the CIP Portal

Step 3: The Documents are then verified by the CIP Unit and undergo a strong due-diligence process.

Step 4: The board takes a decision on the selection and rejection of the application.

Step 5: The certification is the last process of the application.

About Saint Lucia:

Saint Lucia is a small, mountainous Eastern Caribbean Island. It is 21 miles south of Martinique and 26 miles north of Saint Vincent and the Grenadines, all part of the Caribbean Sea’s Lesser Antilles islands. Saint Lucia’s lush landscape has a tropical rainforest with two lava spires called Pitons, which are the standout natural features.

The small island country is one of the world’s most beautiful and well-known destinations for travel enthusiasts. The attention of the travellers is largely drawn by the island’s majestic Piton Mountains, refreshing waterfalls, spectacular hiking trails, drive-in volcano, beautiful beaches, as well as exclusive restaurants.

The island is fondly called the Helen of the West as its beauty is comparable to Helen of Troy.

With regional specialities including pepperpots, langouste, and bouyon, Saint Lucia is a well-known Caribbean destination for those who enjoy trying new foods from different cultures. Seafood-based cuisine and locally cultivated products from farms to tables define the island’s culinary heritage.

Many people love travelling to the Caribbean country for its rich cuisines and organic agro products. The local food is influenced by French, East Indian and British dishes. The National Dish of Saint Lucia is Green Fig and Saltfish. The dish is typically prepared on weekends as well as especially during the Creole Day Festival, which is hosted in October.

Not only that, but Saint Lucia also endeavours to have its own coffee speciality in the region, which according to Deputy Prime Minister Ernest Hilaire will boom the tourism sector. He recently led discussions with an investor named Olmedo Vill, who aims to recommence coffee production in the country. He said over 13,000 plants will be cultivated by 2024. Not many people know that in the late 1700s, Saint Lucia and Martinique produced more than half of all coffee consumed in Europe. The country had more than 9 million coffee plants by the 1800s because of the country’s cool, shaded, volcanic ground and which is infused with citrus and spices.

Saint Lucia’s beautiful mountains, jungles, coasts, and historic locations showcase history and beauty and a great sense of living poetry add more touch to its tranquil environment.

PR Dominica
CS Global Partners
+44 (0) 207 318 4343
mildred.thabane@csglobalpartners.com

Ted Farnsworth, Co-Founder of ZASH Global Media and Entertainment, to Lead Alongside Lisa King as Co-CEO

ROCHESTER, N.Y., July 14, 2022 (GLOBE NEWSWIRE) — Vinco Ventures, Inc. (Nasdaq: BBIG) (“Vinco Ventures,” “Vinco,” or the “Company”), a digital media and content technologies holding company, today announced the appointment of Ted Farnsworth as co-Chief Executive Officer alongside Lisa King, current CEO of Vinco Ventures, effective June 8, 2022. Mr. Farnsworth and Ms. King will lead the Company as co-CEOs.

As Co-Founder and Chairman of ZASH Global Media and Entertainment (“ZASH”), Mr. Farnsworth was instrumental, along with Vinco and ZVV Media Partners (“ZVV”), in acquiring Lomotif and AdRizer, and has proven leadership and experience in the media industry. He has built many successful companies and is considered an expert in strategic development, marketing, public relations, consumer behavior and direct response marketing.

“I speak for myself and the entire Vinco team when I say how thrilled we are to welcome Ted to management in an official capacity as co-CEO,” said Lisa King, Co-CEO of Vinco Ventures. “Vinco and ZASH have begun to streamline our businesses. With Ted as co-CEO, together, we can more efficiently execute on our strategic growth plans with a clear understanding of our Company’s combined vision and plan.”

“I’ve worked alongside Vinco since the early days of ZASH and I am excited about the future. I am pleased to take on this role alongside Lisa, who was with me at ZASH when we acquired Lomotif,” said Ted Farnsworth, Co-CEO of Vinco Ventures. “As we continue moving forward and disrupting the media landscape, we remain focused on content, content, and content, and in turn, driving revenue through our portfolio of Vinco brands.”

A key component to Vinco’s growth strategy is Lomotif in combination with AdRizer and Mind Tank, our short-form video platform that drives user experiences with its user interface and patented editing tools. By utilizing Lomotif’s mobile or web-based platform, our ad and marketing platforms help drive engagement and grow revenue with premium content across the Vinco and ZASH ecosystem.

About Vinco Ventures
Vinco Ventures (Nasdaq: BBIG) is focused on the development of digital media and content technologies. Vinco Ventures’ consolidated subsidiary, ZVV Media Partners, LLC, a joint venture of Vinco Ventures and ZASH Global Media and Entertainment Corporation, has an 80% ownership interest in Lomotif Private Limited. Vinco Ventures owns a 100% ownership interest in AdRizer, LLC. For more information, please visit investors.vincoventures.com.

Forward-Looking Statements and Disclaimers
This press release contains “forward-looking statements” as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are based upon beliefs of, and information currently available to, Vinco Ventures’ management as well as estimates and assumptions made by Vinco Ventures’ management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected,” and other words or the negative of these terms and similar expressions as they relate to the applicable company or its management identify forward-looking statements. Such statements reflect the current view of Vinco Ventures with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to Vinco Ventures and its subsidiaries and consolidated variable interest entities including Lomotif, their industry, financial condition, operations and results of operations. Such factors include, but are not limited to, the expected risks and benefits from the proposed increase in Vinco Ventures’ authorized shares as described in our proxy statement, Vinco Ventures’ investments in ZVV Media Partners, LLC, Lomotif Private Limited, PZAJ Holdings, LLC and related growth initiatives and strategies such as the blended media, cross-platform distribution strategy, the expected benefits of Lomotif’s participation in and sponsorship of live entertainment events, the expected benefits from acquisition of AdRizer and planned integration of the AdRizer technology with Lomotif and Honey Badger and synergies between AdRizer, Lomotif and Honey Badger, the regulatory risks with the NFT and blockchain business lines and such other risks and uncertainties described more fully in documents filed by Vinco Ventures and Cryptyde with or furnished to the Securities and Exchange Commission, including the risk factors discussed in Vinco Ventures’ Annual Report on Form 10-K for the period ended December 31, 2021 filed on April 15, 2022 which is available at www.sec.gov. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

For further information, please contact:

Investor Contact
KCSA Strategic Communications
Allison Soss
BBIGinvestors@kcsa.com

Media Contact
Vinco Ventures, Inc.
Brian Hart
Media@vincoventures.com

SAN FERNANDO, Calif., July 14, 2022 (GLOBE NEWSWIRE) — Mr. Tortilla is now one of the fastest-growing companies in Southern California. After developing an e-commerce business from scratch, Mr. Tortilla grew 3,000% in 2021 to become Amazon’s top-selling tortilla brand. Under normal brick-and-mortar retail conditions, this spectacular business growth wouldn’t be possible, but Mr. Tortilla proves that the Amazon and e-commerce model can help businesses perform a miracle.

“We knew we had something special,” said Anthony Alcazar, founder and president of Mr. Tortilla. “It was basic but compelling: people want to enjoy delicious, healthy tacos. We spent a decade fighting with competitors for shelf space in big brand stores before we pivoted. We decided to serve customers directly through Amazon. And I’m proud to say our customers responded by making us the best-selling tortilla brand on Amazon.”

Now, Mr. Tortilla is being courted by stores to shelve their products while customers ask to find their tortillas in stores. “We’re excited to look for growth partners who believe in what we’re accomplishing at Mr. Tortilla and who can help us take the business to the next level,” adds Alcazar.

Recently, Alcazar was invited to speak at the fourth annual CEO Summit of the Americas about how to leverage digital tools for growth, explaining how it wasn’t a smooth journey. Brothers Anthony and Ronald Alcazar first tried to compete in the retail tortilla industry, not knowing that giants dominated the shelf space in the supermarkets. Instead of throwing in the towel, the Alcazar brothers learned digital marketing and grew a social media presence that catapulted them to become the top tortilla brand on Amazon. Today, Mr. Tortilla is verified on TikTok, Instagram, and Facebook, with an audience of 250,000 followers combined across the platforms.

“It goes to show that anything is possible through God,” says Ronald Alcazar, COO of Mr. Tortilla. “In the end, we didn’t need to raise a formal round or a supermarket presence — just a simple idea and the passion to see it in the hands of people who want guilt-free tortillas. We built this thanks to the loyalty and enthusiasm of our customers for our innovative tortillas. Now, after 10 years of doing this on our own, we’re ready for growth partners who can help us expand Mr. Tortilla even further.”

As the keto/low-carb movement grows in popularity, Mr. Tortilla has expanded into low-carb cookie mix, brownie mix, flavored tortillas, tortilla chips, and organic salsas to meet customer demand. Mr. Tortilla is #1 in Amazon U.S. and Canada and has just launched in the EU on Amazon. Next, the company plans to create regular tortillas, grain-free tortillas, gluten-free tortillas and more, fulfilling its mission ideal that everyone, no matter their needs, deserves a delicious and healthy tortilla.

Contact Information:
Carolina Calkins
PR Manager
Email: mrtortilla@intelligent-relations.com

Related Images

Image 1: Mr. Tortilla

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Attachment

• Mr. Tortilla

ZKX’s derivative protocol will introduce complex trading strategies as simple perpetual swaps, creating new fundamentals to solve current challenges in the DeFi market.

DUBAI, United Arab Emirates, July 14, 2022 (GLOBE NEWSWIRE) — ZKX, the first permissionless derivatives trading protocol built on StarkNet, StarkWare’s L2 network that leverages ZK rollups, announced it has raised $4.5m in seed funding. Investors include StarkWare, Alameda Research, Amber Group, Huobi, Crypto.com and others. In addition, ZKX received investment from notable individual investors including Sandeep Nailwal, Co-Founder of Polygon, and Ashwin Ramachandran, General Partner at DragonFly Capital. The funding will go towards further development of ZKX’s core offerings, the ZKX open-source protocol, DAO funding and continued growth of the ZXK ecosystem.

The ZKX protocol is creating new frameworks to solve critical challenges in the DeFi market, including over-reliance on oracles, difficulty in bootstrapping liquidity for new derivatives, and centralized listing mechanisms. The ZKX mainnet is anticipated to go live in Q4 followed by the launch of its first product – an exchange that will enable trading of crypto derivatives on StarkNet with built-in rewards mechanisms, liquidity provisioning, and complex trading strategies.

ZKX was founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev. Prior to founding ZKX, Eduard and Naman held leadership positions at SOSV, one of the world’s top VC firms with over $1.2 billion AUM. The 30-person ZKX team includes top talent from the likes of Flipkart, PayTM, and Byju’s, with decades of shared experience in venture building, scaling technology startups, and financial derivatives structuring in over eight countries.

Eduard Jubany, Founder at ZKX, “We are determined to build an exchange that breaks down the barriers to using DeFi, and we’re doing that by building a protocol that enables trading derivatives of assets on StarkNet. Our goal is to expand the reach of ZKX across emerging markets, combining sound technology with a friendly user experience, and an ecosystem that enables users to have fair representation within a DAO. We are grateful to have the support of our investors who understand and believe in our vision. This milestone is just the beginning of a breakthrough year for ZKX and our partners. We’re creating new fundamentals for ZKX as well for the DeFi community, raising the bar for everyone.”

How ZKX’s Derivative Protocol Is Solving Market Challenges

ZKX is setting out to dispel the “decentralization illusion” that afflicts the present DeFi landscape by creating an ecosystem for derivatives anchored in decentralization. ZKX’s unique technology offers the following:

1. Powered by DAOs: Enabling DAOs and projects to list derivatives markets for their tokens and offering trading incentives for the community.
2. Liquid Governance: Allowing the separation of representation and token-holding in DAOs and fair representation for all stakeholders by providing Virtual Governance Shares (VGS) according to each stakeholder’s behavior in the protocol.
3. Decentralized Order Book: Inclusive of a node network to help scale the derivatives exchange with a permissionless node client.
4. L2 Scaling: ZKX trading interface powered by StarkNet, StarkWare’s ZK rollup, which provides low fees, instant settlements, fast withdrawals on the platform, and the support of the ever-growing StarkWare ecosystem.

ZKX has also received investment from Hashkey Capital, Orange DAO, Angel DAO, Dweb3, Caballeros Capital, Cluster Capital, and Gate.io. The protocol recently joined forces with Nethermind for a code audit this summer.

ZKX is poised to advance the burgeoning derivatives ecosystem based on principles of trustless, permissionless, and borderless DeFi. For more information, please visit ZKX.fi.

About ZKX
ZKX is a permissionless protocol for derivatives built on StarkNet, with a decentralized order book and a unique way to offer complex financial instruments as swaps. The protocol is powered by a DAO and will provide an elevated trading experience with gamified leaderboards and unique liquid governance. ZKX’s mission is to democratize access to global yields through its offerings to anyone, anywhere.

Media Contacts:
tanisha@zkx.fi
Elise.miller@serotonin.co

SOUTHAMPTON, Pa., July 14, 2022 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended May 27, 2022 (the “2023 first quarter”).

Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President, stated, “We are pleased with the 32% increase in sales vs. prior year within our Commercial/Industrial Systems business and with the 55% increase in sales of Advanced Disaster Management System products. Though Aircrew Training Solutions sales were down from the prior year, we believe that the sales pipeline remains strong.”

Fiscal 2023 First Quarter Results of Operations

Net Income (Loss) Attributable to ETC

Net loss attributable to ETC was $0.6 million, or ($0.05) diluted loss per share, in the 2023 first fiscal quarter, compared to net income attributable to ETC of $2.2 million during the 2022 first quarter, equating to $0.13 diluted loss per share. The $2.8 million variance is due primarily to the combined effect of a $2.4 million increase in other income in 2022 related to the PPP loan forgiveness, along with increases in operating expenses of $0.3 million and slight reduction in overall revenue.

Net Sales

Net sales in the 2023 first fiscal quarter were $5.87 million, a decrease of only $0.2 million, or (3.5%), compared to 2022 first quarter net sales of $6.1 million. The decrease in net sales was mainly a result of the low backlog entering fiscal year 2023. The backlog, combined with the continued delays we are experiencing with the overall supply chain, resulted in a small reduction in first quarter revenues. Aerospace sales in 2023 first fiscal quarter accounted for 40% of overall sales, compared to 56% in first fiscal quarter 2022. Further, domestic sales of 60% in 2023 first fiscal quarter were increased from 44% in first fiscal quarter of 2022. Bookings in the 2023 first fiscal quarter were $2.2 million, which were driven by $1.2 million of Environmental orders.

Gross Profit

Gross profit for the 2023 first fiscal quarter of $1.6 million decreased slightly compared to $1.7 million in the 2022 first fiscal quarter, while gross profit margin increased by 0.2%. The change in gross profit was a result of the slight revenue change. There were no specific business unit drivers in the first quarter that affected the gross profit in a significant manner.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2023 first quarter were $2.0 million, an increase of $0.3 million, or 15.2%, compared to $1.7 million for the 2022 first quarter. The increase in operating expenses was due primarily to higher general and administrative expenses, primarily a result of increased expenses related to ETC-PZL and overall employee related costs.

Other Expenses (Income), Net

Other expenses, net for the 2023 first fiscal quarter was $0.1 million compared to other income of $2.4 million for the 2022 first fiscal quarter, an unfavorable variance of $2.5 million due to the prior accounting for the forgiveness of the PPP loan in 2022.

Cash Flows from Operating, Investing, and Financing Activities

During the 2023 first quarter, due primarily from the decrease in contract liabilities and the net loss for the period, the Company used $1.5 million of cash for operating activities compared to only $0.1 million during the 2022 first quarter. Under Accounting Standards Codification (“ASC”) 606, accounts such as contract assets and accounts receivable represent the timing differences of spending on production activities versus the billing and collecting of customer payments.

Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company’s investing activities used $85 thousand during the 2023 first quarter compared to $41 thousand during the 2022 first quarter.

The Company’s financing activities provided $1.1 million of cash during the 2023 first quarter from borrowings under the Company’s credit facility compared to using $1.0 million of cash during the 2022 first quarter under the Company’s credit facility.

About ETC

ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizers; and (vi) environmental testing and simulation systems (“ETSS”).

We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 95%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

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 located 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 words 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.

Contact:	Joseph F. Verbitski, Jr., CFO
Phone:	(215) 355-9100 x1531
E-mail:	jverbitski@etcusa.com

– Financial Tables Follow –

Table A
ENVIRONMENTAL TECTONICS CORPORATION
SUMMARY TABLE OF RESULTS
(in thousands, except per share information)
	Thirteen weeks ended				Thirteen weeks ended					Variance
	27-May-22					28-May-21				$				%
Net sales	$	5,874				$	6,080			$	(206	)		(3.5	)
Cost of goods sold		4,246					4,406				160			3.8
Gross profit		1,628					1,674				(46	)		-2.9
Gross profit margin %		27.7	%				27.5	%						0.2	%
Operating expenses		2,031					1,722				(309	)		(15.2	)
Operating loss		(403	)				(48	)			(355	)		(88.1	)
Operating margin %		-6.9	%				-0.8	%						-6.1	%
Interest expense, net		124					151				27			21.8
Other income, net		63					(2,409	)			(2,472	)
Income (loss) before income taxes		(590	)				2,210				(2,800	)
Pre-tax margin %		-10.1	%				36.3	%
Income tax provision		20					20				–			0.0
Net income (loss)		(610	)				2,190				(2,800	)
Loss attributable to non-controlling interest		11					3				8
Net income (loss) attributable to ETC		(599	)				2,193				(2,792	)
Preferred Stock dividends		(121	)				(121	)			–			0.0
Income (loss) attributable to common and participating shareholders	$	(720	)			$	2,072			$	(2,792	)
Per share information:
Basic earnings (loss) per common and participating share:
Distributed earnings per share:
Common	$	–				$	–			$	–
Preferred	$	0.02				$	0.02			$	–			0.0
Undistributed earnings (loss) per share:
Common	$	(0.05	)			$	0.13			$	(0.18	)
Preferred	$	(0.05	)			$	0.13			$	(0.18	)
Diluted earnings (loss) per share	$	(0.05	)			$	0.13			$	(0.18	)
Total basic weighted average common and participating shares		15,569					15,569
Total diluted weighted average shares		15,569					15,569

Table B
	ENVIRONMENTAL TECTONICS CORPORATION
	OTHER SELECTED FINANCIAL HIGHLIGHTS
	(amounts in thousands)
		Thirteen weeks ended 27-May-22				Thirteen weeks ended 28-May-21
	EBITDA *	$	(177	)		$	2,679
		As of
		27-May-22				25-Feb-22
	Working capital	$	6,914			$	6,589
	Total shareholders’ equity (deficit)	$	972			$	1,595

* In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), we also disclose Earnings Before Income, Taxes, Depreciation, and Amortization (“EBITDA”). The presentation of a non-U.S. GAAP financial measure such as EBITDA is intended to enhance the usefulness of financial information by providing a measure that management uses internally to evaluate our expenses and operating performance and factors into several of our financial covenant calculations.

A reader may find this item important in evaluating our performance. Management compensates for the limitations of using non-U.S. GAAP financial measures by using them only to supplement our U.S. GAAP results to provide a more complete understanding of the factors and trends affecting our business.

New Appliances Provide Continuous Data Protection, Advanced Test Data Management for Enterprise Applications

REDWOOD CITY, Calif., July 14, 2022 (GLOBE NEWSWIRE) — Delphix, the industry leader in DevOps test data management (TDM), today announced the launch of two new data appliances powered by Dell Technologies. Both appliances are fully engineered software solutions optimized for performance and reliability.

The Delphix CDP Appliance provides businesses with continuous data protection, multiple levels of ransomware detection, and the ability to automate instant recovery of multiple applications to a clean and data-consistent state. The Delphix DevOps Appliance provides the most advanced and secure TDM solution in the market, enabling customers to release software faster, safer, and at higher quality.

The Delphix CDP Appliance syncs data from enterprise applications in near-real time and creates a continuous, immutable data record, so applications can be recovered to any time, down to the second or a transaction boundary, for a near-zero recovery point objective (RPO). In contrast, traditional backups only protect data once a day, leaving the potential for a full day’s loss of critical business transactions.

In addition, the appliance enables the instant recovery of multiple applications using APIs for a near-zero recovery time objective (RTO). Business processes, like quote to cash, often create data dependencies and consistency challenges across applications. With this new appliance, businesses can quickly recover multiple applications to a data consistent state, even across multiple points in time, in order to determine a clean data state prior to a ransomware attack.

The Delphix CDP Appliance is built on a zero trust architecture. All data is immutable, and retained data snapshots and policies can be locked from tampering or deletion. In addition, the appliance is a fully contained, isolated recovery environment that can optionally include application and database servers.

Today, businesses need to balance both security and innovation. Many companies leave test data security and provisioning up to individual application teams and administrators, often in violation of privacy compliance and industry regulations. The Delphix DevOps Appliances automate sensitive data discovery, masking, and delivery to fully protect consumer data privacy throughout the application lifecycle.

In addition, businesses are in a race to release software faster. As they invest in DevOps tools and processes, test data often becomes a major bottleneck. The Delphix DevOps Appliance provides a range of innovative and unique APIs to enable superior testing, including APIs for data refresh, rewind, bookmark, teardown, and integration across apps. Using these APIs, Delphix customers have achieved high rates of innovation—well over a million CI/CD releases a month for individual customers.

“With Dell’s reach and the powerful combination of our technologies, we can help companies around the world innovate faster, while protecting consumer data privacy from ransomware and other attacks,” said Jedidiah Yueh, Delphix CEO. “We help companies achieve zero trust and zero friction data operations.”

To learn more about the Delphix CDP Appliance or the Delphix DevOps Appliance and how they can accelerate innovation, contact dell@delphix.com.

About Delphix

Delphix is the industry leader for DevOps test data management.

Businesses need to transform application delivery but struggle to balance speed with data security and compliance. Our DevOps Data Platform automates data security, while rapidly deploying test data to accelerate application releases. With Delphix, customers modernize applications, adopt multicloud, achieve CI/CD, and recover from downtime events such as ransomware up to 2x faster.

Leading companies, including Choice Hotels, Banco Carrefour, and Fannie Mae, use Delphix to accelerate digital transformation and enable zero trust data management. Visit us at www.delphix.com. Follow us on LinkedIn, Twitter, and Facebook.

For Media and Analyst Inquiries contact:
Deborah Mullan
deborah.mullan@delphix.com