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Atlantis Systems Corp.: Atlantis Systems Corporation Announces Re-Pricing of Warrants

^{Published on 2009-04-13 14:14:10, Last Modified on 2009-04-13 14:14:57 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - April 13, 2009) - Atlantis Systems Corp. (TSX:AIQ) today announced that it has received TSX approval to amend the exercise price of the 9,300,000 common share purchase warrants (the "Warrants") held by ComVest Capital, LLC ("ComVest") which expire April 30, 2013 (the "Expiry Date").

Under the terms of its arrangements with ComVest, Atlantis would have been required to pay covenant waiver fees in respect of the reporting periods ended December 31, 2008 and March 31, 2009. However, ComVest has agreed to waive compliance with this requirement for both reporting periods. In order to secure this waiver, the Company's Board of Directors agreed to re-price, subject to regulatory approval, the Warrant exercise price from $0.09 to $0.03 per share.

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 to 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: our ability to execute the program on time and on budget; our ability to source competent staff; our ability to operate as a going concern. 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 the required capital to fund operations 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 ].