Atlantis to receive $1.5 million in tax credits

    Approximately $0.8 million expected in the next eight weeks

    TORONTO, Jan. 12 /CNW/ - Atlantis Systems Corp. (TSX: AIQ) today
announced that it has been notified by the Ontario Media Development
Corporation of its eligibility to receive an Ontario Interactive Digital Media
Tax Credit, which is a refundable tax credit based on eligible Ontario labour,
marketing and distribution expenses with respect to interactive digital media
products produced in Ontario. Under this program, Atlantis expects to receive
approximately $1.5 million in fiscal 2009, net of applicable fees. The Company
expects to receive $0.8 million in February 2009 and the balance once the 2008
tax returns have been filed. The tax credits relate to expenses incurred in
the 2007 and 2008 taxation years. The Company plans to apply for future
credits through the Ontario Media Development Corporation and through a
similar program in Nova Scotia.
    "These tax credits provide strong evidence of the quality and
innovativeness of Atlantis' solutions, and they help to solidify our near-term
financial position as we execute our new strategic plan and pursue multiple
opportunities in our business development funnel," said Henrik Noesgaard,
Interim CEO of Atlantis Systems. "Going forward, these tax credits will help
support our R&D efforts as we continue to invest in certain new technologies
in line with our business plan."
    The Ontario Media Development Corporation is an agency of the Ontario
Ministry of Culture that facilitates economic development opportunities for
Ontario's cultural media industries.

    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

    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: the assumption that there are no changes to Atlantis'
eligibility and expected return under the Ontario Interactive Digital Media
Tax Credit following a potential audit by the Ontario Taxing Authority; 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. 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

    %SEDAR: 00002161E

For further information:

For further information: Philip Lamb, Tel: (416) 335-5889, Email:; Craig Armitage, The Equicom Group, Tel: (416)
815-0700 x278, Email:

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