Atlantis Systems Corp.
TSX VENTURE : AIQ.H

Atlantis Systems Corp.

May 03, 2010 13:31 ET

Atlantis Systems Corp. Announces Change to Board of Directors

TORONTO, ONTARIO--(Marketwire - May 3, 2010) - Atlantis Systems Corp. (NEX:AIQ.H) today announced a change in its Board of Directors to comply with the terms of the recently approved Overadvance Agreement signed with ComVest Capital LLC.

Thomas Ackert, Paul Bogin, Lloyd Campbell, Williston Cofer, Henrik Noesgaard and Normand Lezy resigned from the ASC Board. They will remain with Atlantis in the capacity of an Advisory Board to assist with the future growth of the company.

The remaining members, Mark Rivers, David Williams and Steven Albright, nominated Robert O'Sullivan (ComVest) and Gary Jaggard (ComVest) to fill two of the vacancies, subject to Shareholder approval at the next Annual Meeting.

"We are pleased to welcome Robert and Gary to our Board and look forward to working with them to make Atlantis a stronger company" said Mark Rivers, Chairman of the Board. "Robert and Gary bring the full backing and resources, portfolio and contacts of ComVest and also depth and credibility to our Board. Their experience is vital to our focus on growth. This is a significant boost for Atlantis. We also thank ComVest for their strong support of Atlantis over the past two years." 

"I would also like to thank Tom, Paul, Lloyd, Will, Henrik and Norm for helping us guide the company through a difficult transitory period, and we look forward to their continued support on our Advisory Board. With the depth and experience of our Advisory Board and their senior experience in US, Canadian and International military, and the full support of ComVest , Atlantis will have the best of both worlds."

About Atlantis Systems Corp.

Atlantis Systems (NEX:AIQ,H) 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 ensure the feasibility, capability, and effective utilization of their complex assets. Simply stated our business is leveraging partnerships and technology to put competent people on the job consistently, faster. 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

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.

Contact Information