SOURCE: ATS Corporation

June 11, 2007 17:02 ET

ATS Corporation Increases Borrowing Capacity to $50 Million

MCLEAN, VA--(Marketwire - June 11, 2007) - ATS Corporation ("ATSC") (OTCBB: ATCT), a leading information technology company that delivers innovative technology solutions to federal, state, and local government organizations, today announced that it had entered into a new credit agreement with Bank of America, N.A., acting as Administrative Agent and Citizens Bank of Pennsylvania. The Credit Agreement provides for a $25 million revolving credit facility, with the option for the company to increase the amount available under the facility up to $50 million.

"We are pleased to have successfully negotiated a new credit facility that offers us greater borrowing capacity, balance sheet flexibility and should support our anticipated working capital and acquisition growth requirements," said ATSC Senior Vice President and Chief Financial Officer, Pamela Little.

About ATS Corporation and Advanced Technology Systems, Inc.

ATS Corporation (formerly named Federal Services Acquisition Corporation) operates through its subsidiaries, Advanced Technology Systems, Inc., Reliable Integration Services, and Appix, Inc.

Advanced Technology Systems, Inc. ("ATS") is a leading provider of systems integration and application development, IT infrastructure management and strategic IT consulting services to U.S. federal government agencies. Since its founding in 1978, ATS has been recognized for its custom software development and software integration capabilities and its deep domain expertise in federal government financial, human resource and data management systems. ATS has built and implemented over 100 mission-critical systems for clients.

ATS' financial management software expertise assists clients preparing for the government's increased financial accountability standards. ATS' data management systems expertise allows clients to increase efficiency with better human resource and case management tracking capabilities, while also allowing them to organize and track information easily. Additionally, ATS' IT outsourcing capabilities provide ATS with an opportunity to develop long-term value added partnerships with clients that allow end-users and government agencies to focus on core mission priorities, while reducing expenditures on systems management.

In addition, ATSC leverages its IT services, management consulting, and software and systems development solutions expertise into financial institutions, insurance companies and government sponsored enterprises through a wholly owned subsidiary, Appix, Inc. ("Appix"). Appix is one of the largest providers of outsourced professional services at Fannie Mae and currently serves many Fortune 500 financial services and insurance companies. Additional information about Appix may be found at www.appix.com.

Any statements in this press release about future expectations, plans, and prospects for ATSC, including statements about the estimated value of the contract and work to be performed, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: our dependence on our contracts with federal government agencies for the majority of our revenue, our dependence on our GSA schedule contracts and our position as a prime contractor on government-wide acquisition contracts to grow our business, and other factors discussed in our latest annual report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2007. In addition, the forward-looking statements included in this press release represent our views as of May 21, 2007. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to May 21, 2007.

Additional information about ATSC and ATS may be found at www.atsva.com.

Contact Information

  • Company Contact:
    Dr. Edward H. Bersoff
    Chairman, President and Chief Executive Officer
    ATS Corporation
    (703) 506-0088

    Joann O'Connell
    Vice President, Investor Relations
    ATS Corporation
    (703) 506-0088

    Investor Relations Contact:
    Laura Kowalcyk
    Investor Relations
    CJP Communications for ATS Corporation
    (212) 279-3115 ext. 209
    Email Contact