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Mon, August 31, 2009
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Thu, August 27, 2009
Atlantis Systems Corp.: Atlantis Announces Cdn$700,000 Bridge Financing
TORONTO, ONTARIO--(Marketwire - Aug. 27, 2009) - Atlantis Systems Corp. (TSX:AIQ) is pleased to announce that it has secured a Cdn$700,000 bridge financing for the purposes of providing additional working capital from CEO Capital Corp., a corporation controlled by Mark Rivers, the Chairman of Atlantis Systems Corp.
In connection with the financing, Atlantis will issue to CEO Capital Corp. purchase warrants to acquire 500,000 common shares at an exercise price of $0.02 per share for a period of two years. The issuance of warrants is subject to approval by the Toronto Stock Exchange.
"The bridge financing allows us to continue to invest in projects and ramp up our resources as we begin to tackle some of the new contracts that have recently been awarded to Atlantis", said Henrik Noesgaard, CEO of Atlantis Systems Corp. "These funds ensure that we continue to provide the appropriate level of service to our customers and stay on track with existing programs", Mr. Noesgaard added.
"This bridge financing facility demonstrates the commitment and support from Atlantis' board of directors. This facility helps to fund the growth in our backlog, which we have started to build for the first time in three years", said Mark Rivers, Chairman of the board of directors of Atlantis Systems Corp. "As we continue with our turnaround, focusing on business development and adding to our backlog, Atlantis will require additional working capital. I am happy to say that we will continue to support Atlantis and ensure the company has adequate resources to deliver on contracts", Mark added.
About Atlantis Systems Corp.
Atlantis Systems (TSX:AIQ) uses its core capabilities in simulation-aided design and engineering and e-learning, combined with various technology tools, to help customers in military aviation, civil aviation and nuclear energy ensure the feasibility, capability, and effective utilization of their complex assets. 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 ].