Atlantis Participates in $1.5 Billion Contracted Flight Training and Support Contract for Canadian Forces as Partner in Allied Wings Consortium
Toronto Stock Exchange Symbol: AIQ
TORONTO, March 30 /CNW/ - Atlantis Systems Corp. ("Atlantis") (TSX:AIQ) a
leading developer of simulation-based training systems for military and
commercial aircraft, announced today that its wholly owned subsidiary,
Atlantis Systems International, is part of the Allied Wings team which was
selected to provide new Contracted Flying Training and Support (CFTS) to the
Canadian Department of National Defence.
Under the contract, Atlantis will supply, integrate, and support the
ground-based training system, which will include a range of training devices
from Desktop Simulators to Full-Flight Simulators, state-of-the-art
interactive multimedia instruction, a comprehensive web-based training
management system, and a suite of information services to manage project data
and resources. The contract is expected to generate approximately $100 million
in revenue for Atlantis over a 20-year period, with the majority of revenue to
be recognized in the first 30 months.
Andrew Day, President and CEO of Atlantis, states, "This contract is a
transformational event for Atlantis as it significantly increases our revenue,
provides a recurring revenue stream over the long term, and establishes
Atlantis as a full-service training solutions integrator. The CFTS contract
reflects the trend towards turn-key, privately-funded, full-service
initiatives in the military training sector worldwide. Atlantis is very well
positioned to benefit from this trend in the coming years."
The new CFTS contract will replace and modernize the existing entry-level
and advanced multi-engine and rotary wing pilot training courses for Canadian
military pilots, and will be based in Portage La Prairie, Manitoba. Allied
Wings will deliver the flight training services for a period of at least
20 years thereafter.
The CFTS contract encompasses the delivery of training for fixed and
rotary winged platforms, covering four aircraft types, and is worth
approximately CDN $1.5 billion spread over the anticipated life of the
contract. In addition to the management of the aircraft fleet, Allied Wings
will provide a new training environment including new buildings and facilities
housing an integrated ground school, which will be a showcase for Canadian
flight training in the international military training world.
Notice of Conference Call
Atlantis will be hosting a conference call on Thursday, March 31, 2005 at
4:45 pm ET to discuss its year-end financial results, the CFTS contract and
other corporate developments. To access the conference call by telephone, dial
416-640-4127 or 1-800-814-4853. A live audio webcast of the call will be
available at www.newswire.ca and at www.atlantissi.com. The webcast will be
archived for 90 days.
About Allied Wings:
Allied Wings consists of a team of expert companies, drawn from across
Canada. The team is led by Kelowna Flightcraft Limited of Kelowna, BC, and
includes Canadian Helicopters Limited of Edmonton AB, Canadian Base Operators
Limited, Atlantis Systems International, Inc. from Toronto ON, and Coastal
Pacific Aviation Limited of Abbotsford, BC, as well as a number of other
subcontractors and vendors. Each member of the team possesses expertise,
experience, resources and skills in one or more of the critical areas required
to create and deliver the new CFTS services.
Additional facts:
- Combined, Allied Wings has over 3000 full time employees in over 35
locations in Canada from coast-to-coast, with annual revenues in
excess of $600 million.
- Allied Wings already trains more than 500 fixed wing and helicopter
pilots per year in Canada.
- Allied Wings operates a combined fleet of over 200 fixed wing and
helicopter aircraft in Canada.
- Allied Wings currently operates three advanced ground training schools
with state-of-the-art equipment covering initial and advanced fixed
and helicopter applications.
- Allied Wings currently operates major Canadian and U.S. military bases
on a Performance Incentive Fee basis earning high marks for customer
satisfaction.
- Allied Wings has extensive hands-on and directly relevant experience
operating and maintaining the aircraft types that will be used in the
new CFTS.
- Allied Wings has delivered over 100 commercial and military training
devices and over 10,000 hrs of interactive multimedia instruction
worldwide.
About Atlantis Systems Corp.
Headquartered near Toronto, Canada, Atlantis is a globally recognized
developer of simulation-based training systems principally for military and
commercial aircraft servicing an international client base. For over 25 years,
Atlantis has produced turnkey training solutions including flight training
devices, advance maintenance trainers, tactical team trainers, sensor and
system part-task training solutions, pilot selection systems, avionic test
equipment, and simulated cockpit controls and displays. Atlantis is registered
under a number of quality management programs including ISO 9001:2000, AS
9100:2001; Boeing BQMS D6-82479, Rockwell Collins RC-9000, among others.
Atlantis trades on the Toronto Stock Exchange under the symbol AIQ. To learn
more, please visit the company's web site at www.atlantissi.com.
-30-
/For further information: Atlantis Systems Corp. at
info@atlantisSI.com or call Paul Maasland, Vice President, Business
Development, at (905) 792-1981 x235/ |
