Atlantis Systems qualifies for contractor status under new US Army procurement program



    - Qualification opens up new opportunities for U.S. subsidiary -

    TORONTO, Feb. 4 /CNW/ - Atlantis Systems Corp. (TSX: AIQ) today announced
that its wholly owned subsidiary, Atlantis Systems America, Inc. (ASA), has
been qualified by the US Army Program Executive Office for Simulation,
Training and Instrumentation as a contractor under STOC II, a 10-year
Indefinite-Delivery/Indefinite-Quantity (ID/IQ) contracting vehicle. This
gives ASA the opportunity to pursue, bid, win, and execute contracts with the
US Army in support of their training products and services requirements that
are released against STOC II.
    STOC II, valued at US$17.5 billion over the next 10 years, serves as an
efficient contracting vehicle in order to quickly get the next generation of
simulation and training products and services into the hands of U.S. and
coalition service members.
    "Achieving ID/IQ contract status with the US Army is an important
achievement and reflects ASA's solid military track record," said Henrik
Noesgaard, CEO of Atlantis Systems. "It positions ASA to win new business and
extends the Special Security Agreement between ASA and the Defense Security
Service, which increases the security position of the company, thereby
enhancing its ability to capture similar future awards."

    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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