Day: July 14, 2022

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