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Atlantis Systems Corp.: Atlantis Systems Corporation Announces Resignation From its Board of Directors

^{Published on 2009-03-30 10:12:19, Last Modified on 2009-03-30 10:13:13 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - March 30, 2009) - Atlantis Systems Corp. (TSX:AIQ) today announced that David McFadden has resigned as a director of the company. Increased responsibilities and travel at Gowling Lafleur Henderson LLP where David is Partner, are the reasons for the change.

"We wish to thank David for his support and professional guidance particularly with our focus in the energy sector, and we are sorry to see David leave. We are grateful for his continued support. We have several strong prospects slated to fill David's position which will be announced soon." said Mark Rivers, Chairman of the Board for Atlantis.

"I believe that the new Chair, Board and Management are providing the company the focused and energetic leadership required as Atlantis continues to execute on the turnaround which began in mid-2008, and is now well underway" said David McFadden.

About Atlantis Systems Corp.

Atlantis Systems (TSX:AIQ) uses its core capabilities in simulation-aided design and engineering and advanced learning practices and techniques, to support customers in military aviation, civil aviation and nuclear energy ensure the feasibility, capability, and effective utilization of their complex assets. Atlantis Systems has a proven track record in accelerating the capability, productivity and performance of their customer's people and assets through the utilization of their core capabilities in simulation aided design, engineering and learning and the application of advanced learning and application of advanced learning practices and technology, In more than 30 years of operation, Atlantis has developed a solid reputation for its creative workforce and innovative solutions in supporting global OEM customers and defence organizations. To learn more, please visit the Company's web site at [ www.atlantissi.com ].

Forward-Looking Statements

Certain statements in this release are considered "forward-looking". These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. The material factors and assumptions that were applied in making the forward-looking statements in this release include but are not limited to assumptions regarding: the TSX continuing the current term of the delisting review period or not taking action to conduct an expedited review; ComVest continued support and waver of its default rights and remedies under its lending arrangements with us; and opportunities being available in the near term to rectify our continued listing deficiencies. Material factors that could cause Atlantis' actual results to differ materially from the forward-looking statements in this release include risks and uncertainties relating to: our ability to source capital to fund our operations, both in the near term and long term; our ability to repay debt on demand; and our ability to operate as a going concern. Atlantis cannot provide any assurance that the predictions of forward-looking statements will materialize. Atlantis assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Additional information regarding risks and uncertainties that could affect Atlantis' business is contained in the Business Risk Factors section of Atlantis's Annual MD&A and the Description of the Business - Risk Factors section in Atlantis' Annual Information Form, both of which are available on SEDAR at [ www.sedar.com ].