N@N

Atlantis Systems Corp.: Atlantis Systems Corp.: Chairman of the Board Encourages Shareholders to Attend the Annual and Special

^{Published on 2009-08-22 14:44:15, Last Modified on 2009-08-22 14:44:19 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - Atlantis Systems Corp. (TSX:AIQ), a globally recognized training integrator in the military, commercial aviation and energy markets, reports that the Chairman of the Board, Mark Rivers, encourages Shareholders to attend the Annual and Special Meeting of Shareholders taking place on August 25th, 2009 at McMillan LLP, 181 Bay St., Suite 4400, Toronto, ON at 9:00am.

"As Chairman of the Board, I would like to invite all of our Shareholders for a discussion on our current situation and where we are going" said Mark Rivers. "Due to reporting restrictions, it is difficult for Shareholders to understand everything that is transpiring, and there are very few opportunities as a public company to report openly to our Stakeholders who have entrusted us as stewards of their investments".

"I would encourage any Shareholder who is able, to attend and participate in our Annual and Special Meeting. We do have a company that has potential value not currently recognized in its share price or its revenues. Atlantis has had a checkered past with moments of significant achievements, and I am more convinced today after the past grueling year that we have five basic fundamentals in this organization: 1) we service an industry that is spending; 2) we experience consistent customer demand; 3) we have a base of very loyal and talented people, that have been augmented with an experienced and capable management; 4) we develop world class technology; and 5) remarkably we have a core base of Shareholders who continue to follow and be supportive of this organization".

"Just over a year ago a new Board of Directors was voted in by the Shareholders of AIQ, with a mandate to endeavor to recapture the value and realize the latent potential of Atlantis. We have successfully endured a very challenging year during which the Board and Shareholders saw the company go out of covenant within the first 30 days of the new financing by ComVest; have had to contend with a "Going Concern" statement in the financials; have come to the realization that the organization was not properly equipped to serve the industry we were in; and admit that the sales within the funnel which we were led to believe was imminent, were in fact distant. The new Board has been a dedicated and supportive asset in this turnaround journey. Recently, the Board, led by CEO Capital Corp., have supplemented the ComVest financing with an additional injection of short term debt in the amount of $700,000 dollars. The Board of Directors has forgone any form of cash compensation over the past year and has focused its efforts to turn this company around and rebuild its value."

Mark Rivers also commented that "With that setting as a back drop, Atlantis has had a relatively strong year. We have closed and are negotiating significant contracts that produce substantial organic growth and a return to a positive EBITDA. Atlantis has secured the first material new business in several years. We have a new Management Team and organizational structure, all of whom are experienced and credible in our industry, very focused on streamlining our operations, and are developing strong relationships with our clients by delivering consistently and with more profitably."

"We continue to manage, and contend with the legacy of the turnaround and a depressed market. This is further compounded the need to fund our new business and growth as well as servicing expensive debt financing and incurring overhead costs that are unavoidable in being a Public Company".

"There also remain areas where we can realize significant cost reductions and streamline the organization, but much of this can only be achieved through a considerable increase in scale, which is currently beyond our organic ability. As a result we are actively pursuing options that capitalize on these savings and efficiencies sooner rather than later".

"Our core assets and value continue to be validated - customer demand, a long- term loyal capability in our employees, a supportive investor base and strong technology, which has been reinforced by the addition of some key new members to the Executive team and our new organizational structure".

"We are further re-enforcing our growth and business development focus with the addition and restructuring of our Board of Directors, welcoming some key individuals who are well established in our major markets and with our customers".

"All in all, though not out of the woods, we have come along way in twelve months and our Shareholders and Stakeholders should be encouraged that Atlantis is moving in the right direction. In the coming year we look forward to a stronger back log, a strong team, and a business funnel that is realistic, as well as some very positive activity on the corporate development side."

Join the Board of Directors and our Management team at the Annual and Special Meeting

Mark Rivers, Chairman of the Board

Atlantis Systems Corp.

Forward-Looking Statements

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 ].