Joint venture will initially target growing need for advanced training
and knowledge management in nuclear industry and create a training centre
of excellence adjacent to Bruce Power's Nuclear Generating Station
This news release contains forward-looking statements. Reference should
be made to "Forward-looking Statements" at the end of this news release.
TORONTO, June 11 /CNW/ - Atlantis Systems Corp. (TSX: AIQ), a globally
recognized training integrator in the military, commercial aviation and energy
markets, and the PWU Training Incorporated (PWUTI), a wholly owned subsidiary
of the Power Workers' Union, have come together to create a new company called
Powertrain Inc., which is focused on becoming a "Centre of Excellence" in
training for the global energy sector. Powertrain will be headquartered in
Toronto and maintain an advanced nuclear training facility in Tiverton,
Powertrain is currently developing a unique, fully integrated, systematic
approach to training that will employ simulations, e-learning and knowledge
management applications for capturing industry-critical knowledge and know-how
from experts in the field, feeding this back to the students in physical and
virtual classrooms to significantly enhance the relevancy of the training
Powertrain will initially focus on addressing the need for enhanced
training, operational efficiency and knowledge management in the nuclear
industry. Globally, the nuclear power industry is entering a significant
growth phase, with 30 new reactors under construction and another 300 are
being planned or proposed. In Ontario alone, it is estimated that $26 billion
will be spent on the building of new nuclear facilities and the rehabilitation
of existing operations over the next 20 years. This expected growth has
created a significant human resources challenge for the industry as a high
percentage of skilled operators and other employees are nearing retirement
age. In Canada, for example, 38% of the workforce is over the age of 50.
Powertain's advanced training solutions will help the industry address this
challenge by dramatically increasing the speed and quality of learning and
enabling nuclear facility operators to train large numbers of employees
"We are very excited to partner with PWUTI on the development of advanced
training solutions," said Andrew Day, President and CEO of Atlantis. "PWUTI's
intimate knowledge of the industry and established relationships, coupled with
our expertise in simulation, virtual reality and e-learning, will facilitate
Powertrain's acceptance and its penetration in the large and growing energy
market. Globally, it is estimated that $5 billion will be spent on training in
the nuclear sector over the next 20 years. This partnership strongly validates
the value proposition Atlantis brings to the energy sector and is an important
step in our ongoing efforts to diversify our business."
"Through this new centre, we expect to provide more efficient training
and, most important, maintain our high safety standard in light of the
anticipated growth in energy demand and demographic shifts in the workforce,"
said Don MacKinnon, President of the Power Workers' Union. "In addition to
enhancing training in the nuclear power sector, we see great advantages to
this new model in other forms of generation, including emerging renewable
power technologies such as wind and solar."
"Nuclear power is a vital source of our future energy supply and to
enable the industry's growth, we need a well-trained workforce," said Duncan
Hawthorne, President and Chief Executive Officer of Bruce Power. "Powertrain
addresses a very important requirement in our efforts to train current
employees and the next generation of workers efficiently and
"An integrated approach to training will be valuable for our industry,"
said Murray Elston, President & CEO, Canadian Nuclear Association.
"Powertrain's model should help support the expected future growth of the
industry in Canada."
Powertrain is equally owned and jointly operated by Atlantis and PWUTI.
Atlantis is initially contributing intellectual property related to
maintenance training, e-learning and knowledge management, and PWUTI is
contributing an investment of approximately $1.6 million. Under the terms of
the shareholders' agreement, Powertrain will provide a scientifically based,
technologically advanced, and academically supported solution to the Energy
Industry's training needs in the face of the looming workforce "Greyout".
Powertrain will augment Atlantis' training systems with industry experts,
consulting services and subject matter expertise in the areas of training,
learning and knowledge management. Powertrain is currently engaged in
conducting feasibility studies for seven distinct training related projects in
the energy sector.
About Atlantis Systems Corp.
Headquartered near Toronto, Canada, Atlantis is a globally recognized
training integrator for customers in the military, commercial aviation sectors
and energy markets. Atlantis combines desktop and full-flight simulation,
knowledge management, learning management systems, flight training devices,
virtual reality and multimedia e-learning to provide integrated flight
training and aircraft maintenance training to a global list of customers. For
more than 29 years, Atlantis has drawn on its extensive engineering background
and proprietary technology to offer cost-efficient, state of the art
alternatives to real-life conditions and situations. Atlantis is registered
under a number of quality management programs including ISO 9001:2000, AS
9100:2004, CSA-Z299.1-1985, Boeing BQMS D6-82479 and Rockwell Collins RC-9000,
among others. To learn more, please visit the Company's web site at
PWU Training Inc. (PWUTI) is a wholly-owned subsidiary of the Power
Workers' Union, the largest employee representation organization in Ontario.
PWUTI currently provides facilities management including up-to-date trades and
technical training facilities and coordinates trades training delivery to
major employers in Ontario's electricity sector.
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: the parties' assessment of the
growth and training needs of the energy sector and in particular nuclear
energy; Powertrain's ability to penetrate the energy sector; Atlantis' ability
to transfer its intellectual property and training systems development
expertise from the military and commercial aviation sectors to the energy
sector; the parties' ability to successfully manage the Powertrain joint
venture; Powertrain's ability to accurately forecast its revenues and resource
requirements; the parties' ability to provide additional funding to
Powertrain; Atlantis' ability to protect its intellectual property; the
parties' ability to meet contractual obligations under the shareholders'
agreement; and Atlantis' ability to complete new projects on time and on
budget for Powertrain.
Material factors that could cause actual results to differ materially
from the forward-looking statements in this release include risks and
uncertainties relating to: the parties' ability to accurately predict the
growth of the energy sector, its training needs and its willingness to
outsource part or all of its training requirements; the ability of the
Powertrain shareholders to work together collaboratively and effectively;
Powertrain's ability convert sales, negotiations and marketing pursuits into
actual awards and order backlog; Powertrain's ability to create business
processes and structures to sustain a viable business; Powertrain's ability to
source capital to fund its operations on reasonable terms given current
markets; the availability of skilled personnel; and ownership of Atlantis'
technology and intellectual property and its ability to transfer it to the
energy sector. No assurances can be provided that the predictions of
forward-looking statements will materialize. No obligation is assumed to
update or revise any forward-looking statement, whether as a result of new
information, future events or any other reason, except as required by
applicable securities laws and regulations. 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.
For further information:
For further information: For Atlantis: George Chiarucci, Chief Financial
Officer, Tel: (905) 792-1981, Email: email@example.com or Craig
Armitage, The Equicom Group, Tel: (416) 815-0700 x278, Email:
firstname.lastname@example.org; For PWUTI Training Inc., Bob Menard, Executive
Managing Director, Tel: (416) 322-2441, Email: Rmenard@pwu.ca