CALABASAS, Calif.--(Business Wire)--
National Technical Systems, Inc. (Nasdaq: NTSC) (NTS) announced
today that it has been unable to sell its 118 acre parcel in Santa
Clarita, California on terms acceptable to the Company. The parcel has
been listed for sale since August 2007.
Dr. Jack Lin, Chairman of NTS said "Despite vigorous efforts to
sell the parcel to a developer, the continuing deterioration of the
commercial real estate market has significantly impacted interest in
undeveloped Santa Clarita property. The recent bankruptcy of a large
developer/landowner in the general vicinity also is expected to
adversely affect land values in the area. We will continue to pursue
all avenues available to us, including a possible arrangement with a
developer, but there can be no assurance that a sale or other
arrangement on acceptable terms can be achieved."
About National Technical Systems, Inc.
National Technical Systems, Inc. is a leading provider of
engineering and evaluation services to the defense, aerospace,
telecommunications, automotive and high technology markets. Through a
world-wide network of resources, NTS provides full product life-cycle
support, offering world class design engineering, compliance, testing,
certification, quality registration and program management. For
additional information about NTS, visit our website at www.ntscorp.com
or call 800-270-2516.
Cautionary Note Regarding Forward-Looking Statements:
The statements in this press release that relate to future plans,
events or performance, are forward-looking statements that involve
risks and uncertainties, including risks associated with uncertainties
pertaining to customer orders, demand for services and products,
development of markets for the company's services and products and
other risks identified in the company's SEC filings, and in particular
its Annual Report on Form 10-K. Actual results, events and performance
may differ materially, including the continuing demand for personal
protection equipment and the testing of same. Readers are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. The company undertakes no obligation
to release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
National Technical Systems' business which are not historical facts
are "forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the forward-looking
statements, see "Risk Factors" in the Company's Annual Report or Form
10-K for the most recently ended fiscal year.
BPC Financial Marketing
John Baldissera, 800-368-1217
or
National Technical Systems
Raffy Lorentzian, Sr. V.P. & C.F.O., 818-591-0776
Copyright Business Wire 2008
