Contact Information: Company Contact: Dr. Edward H. Bersoff Chairman, President and Chief Executive Officer ATS Corporation (703) 288-1949 Investor Relations Contact: Laura Kowalcyk Investor Relations CJP Communications for ATS Corporation (212) 279-3115 ext. 209 Email Contact
ATS Corporation Provides Update Related to Hawaiian Operations
| Source: ATS Corporation
MCLEAN, VA -- (MARKET WIRE) -- March 27, 2007 -- ATS Corporation ("ATSC") (OTCBB : ATCT ) today
announced that the Company was notified after the close of market on March
26, 2007 that its bid for the Engineering and Technical Services for the
Pacific Air Force contract was awarded to another bidder, whose first-year
price was substantially below the ATSC bid.
"Thus far in 2007 we have continued the repositioning of the company for
sustained long-term growth," said Edward H. Bersoff, Chairman and Chief
Executive Officer of ATS Corporation. "Our growth orientation is clearly
illustrated by our recent acquisition of Reliable Integration Services,
Inc. and our active participation in the bidding process for several other
lucrative contracts. The Pacific Air Force contract represented only one
opportunity in our robust pipeline and we remain confident about our
ability to meet both near-term and long-term growth projections, both
organically and through acquisitions."
ATSC is taking immediate steps to close its operations in Hawaii. Under
its agreement with the sellers from whom Advanced Technology Systems, Inc.
was acquired, ATSC is no longer liable for the "Conditional Earn Out" of up
to $24 million related to what ATSC has referred to as the "USAF ETS
Contract."
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.
Additional information about ATSC and ATS may be found at www.atsva.com.
This document may contain "forward-looking statements" -- that is,
statements related to future, not past -- events, plans, and prospects. In
this context, forward-looking statements may address matters such as our
expected future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes," "seeks,"
"should" or "will." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. For ATSC, particular
uncertainties that could adversely or positively affect the Company's
future results include: risks related to the government contracting
industry, including possible changes in government spending priorities;
risks related to the Company's business, including its dependence on
contracts with U.S. Federal Government agencies and departments and
continued good relations, and being successful in competitive bidding, with
those customers; uncertainties as to whether revenues corresponding to the
Company's contract backlog will actually be received; risks related to
implementation of the Company's strategic plan, including the ability to
make acquisitions and the performance and future integration of acquired
businesses; and other risks and uncertainties disclosed in the Company's
filings with the Securities and Exchange Commission. These uncertainties
may cause ATSC's actual future results to be materially different than
those expressed in the Company's forward-looking statements. ATSC does not
undertake to update its forward-looking statements.