Atlantis Systems awarded $1.3 million contract from Department of National Defence



    TORONTO, Jan. 20 /CNW/ - Atlantis Systems Corp. (TSX: AIQ) today
announced that it has secured a $1.3 million contract with the Department of
National Defence to design, develop and deliver a professional development
training package for aircraft maintenance technicians who are preparing to
assume supervisory positions. Revenue from the contract will be recognized in
fiscal 2009.
    "This new contract builds on our strong and long-standing relationship
with the Department of National Defence," said Guy Jeffery, Vice President of
Training Programs at Atlantis Systems. "It also highlights the growing demand
in the military for e-learning, which is one of our core capabilities."
    "Eduplus, which Atlantis acquired in 2007, has an excellent brand and
strong capabilities in advanced e-learning and courseware," said Henrik
Noesgaard, CEO of Atlantis Systems. "This latest contract is further evidence
that these capabilities are in high demand, and we will capitalize on this
demand to expand our business in the coming quarters. Strategically, this is
an area of focus for us going forward."

    
    About Atlantis Systems Corp.
    ----------------------------
    

    Atlantis Systems (TSX: AIQ) 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 and
nuclear energy ensure the feasibility, capability, and effective utilization
of their complex assets. 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: the TSX not abridging the
current term of the delisting review period or taking action to conduct an
expedited review; ComVest not taking any action to enforce its default rights
and remedies under its lending arrangements with us; and opportunities being
available in the near term to rectify our continued listing deficiencies.
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 source capital to fund our
operations, both in the near term and long term; our ability to repay debt on
demand; and our ability to operate as a going concern. 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 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.

    %SEDAR: 00002161E




For further information:

For further information: Philip Lamb, Tel: (416) 335-5889, Email:
plamb@ceocapitalcorp.com; Craig Armitage, The Equicom Group, Tel: (416)
815-0700 x278, Email: carmitage@equicomgroup.com

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ATLANTIS SYSTEMS CORP.

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