Atlantis Reports Fiscal 2010 Financial Results

TORONTO, ONTARIO--(Marketwire - April 29, 2011) -

This news release may contain forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release. All amounts are stated in Canadian dollars except where otherwise noted.

Atlantis Systems Corp. (NEX:AIQ.H), a globally recognized training integrator in the military and commercial aviation markets, today announced its financial and operating results for the fourth quarter and fiscal year ended December 31, 2010.

"Atlantis Systems has undergone a remarkable change since last year", said Henrik Noesgaard, CEO and Chairman of Atlantis Systems Corp. ("ASC"). "Our revenues increased year over year by 204% to $19,851,000, and our profits increased by over $7M from a FY2009 loss of $6,491,000 to an FY2010 Profit of $634,000. Our impressive financial results for Fiscal 2010 are a result of hard work and dedication on the part of our employees, and is evidence of the significant turnaround that we have been implementing."

"We have grown our Nova Scotia based Atlantis Systems Eduplus ("ASE") Division which has more than doubled the number of employees. This growth has been as a result of the many new Contracts which have been awarded to ASE. In 2010 ASE continued to diversify its revenue base by adding new customers, product platforms and technological innovation which supports our mission to improve human performance by delivering world class training and job performance solutions for clients in our chosen segments."

"The award of the Grob Level V Contract and the work on the CAE OTSP contract at our Brampton based Atlantis Systems International ("ASII") subsidiary has also been a major contributor to the upswing of our financial results."

Results are available on www.sedar.com.

Additional Information

For more information about the Company's fourth quarter and year-end results, please refer to the 2010 Management's Discussion and Analysis filed on SEDAR (www.sedar.com).

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

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 obtain financing to fund our losses and continue to operate as a going concern; our ability to retain our current banking relationship; our eligibility for investment tax credits; our ability to win new projects and to successfully complete ongoing negotiations with new and existing customers for new work and to accurately forecast the timing of such wins; our current order backlog and the timing of its recognition; our ability to secure spinoff programs to the CFTS program; the stability and growth of military markets and expenditures worldwide and expected developments in the energy and aerospace industries;
the stability and growth of markets for simulation–based training products; the availability of skilled personnel and that our cost reduction plan will not affect this availability; our ability to meet contractual obligations under the CFTS and SMHP programs or any other major program; our ability to complete new and existing projects on time and on budget; the performance of subcontractors; our ability to protect and exploit our intellectual property; the value of the Canadian dollar relative to foreign currencies, in particular, the U.S. dollar; the level of capital programs to be completed and the accuracy of our projections of infrastructure spending at our facilities; 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 meet debt obligations as required by our lending arrangements or secure waivers; our ability to source capital to fund our operations; our ability to continue to operate as a going concern; our ability to convert sales, negotiations and marketing pursuits into actual awards and order backlog; our inability to repay bank debt on demand;
the level of military expenditures and developments in the energy and aerospace industries; our continued reliance on key customers for existing and new work; the availability of skilled personnel to ramp up new programs and complete existing programs; our reliance on subcontractors; our ability to protect the ownership of our technology and intellectual property; and the volatility of foreign exchange rates. 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. which is available on SEDAR at www.sedar.com.

NON-CASH TRANSACTIONS

During the year, common shares were issued in return for settlement of debt in the amount of $2,641 (2009 - nil) (note 12 and 13).

The accompanying notes are an integral part of these consolidated statements.