HALIFAX, NOVA SCOTIA--(Marketwire - Dec 12, 2012) - Atlantis Systems Corp. (NEX:AIQ.H) (the "Corporation"), a globally recognized training integrator in the military and commercial markets, and its wholly-owned subsidiary Atlantis Systems International Inc. (collectively, the "Borrowers") announced today that they have entered into a term sheet with Century Services Inc. (the "Lender") for a secured tax credit facility ("Tax Credit Facility") for up to two million Canadian dollars (CDN$2,000,000).
The Tax Credit Facility will be payable on demand with full repayment required upon receipt by the Borrowers of certain tax claim refunds. The Borrowers will be entitled to repay the Tax Credit Facility in whole or in part at any time without bonus or penalty.
The closing of the Tax Credit Facility, which is anticipated to occur on or about December 21, 2012, is subject to a number of conditions, including satisfactory completion of due diligence by the Lender, approval of the Lender''s credit committee, and negotiation and execution of definitive loan and security documents.
About Atlantis Systems Corp.
Atlantis Systems (NEX:AIQ.H) uses its core capabilities in simulation-aided design and engineering and e-learning, combined with various technology tools, to help customers in military and commercial markets to 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.atlantissc.com.