GVP-1.30
(COMTEX) B: Atlantis announces agreement with GSE Systems Inc. Agreement i
an important milestone in advancing U.S.-based expan
B: Atlantis announces agreement with GSE Systems Inc. Agreement is an important
ilestone in advancing U.S.-based expansion strategy ( Canada NewsWire )
TORONTO, Oct. 4, 2005 (Canada NewsWire via COMTEX) -- Atlantis Systems Corp.
("Atlantis") (TSX: AIQ), a training integrator specializing in military and
commercial aviation markets worldwide, today announced that it is has executed
an Memorandum of Understanding with GSE Systems Inc. ("GSE") (AMEX:GVP), a
leader in real-time simulators and training solutions for the power, process and
manufacturing industries, whereby GSE will license its proprietary simulation
technology to Atlantis for certain programs within the US Government and
Military market. Financial terms of the agreement were not disclosed.
Atlantis is completing the establishment of an American subsidiary company that
will be fully compliant with the regulations and clearances required to win and
execute U.S. government and military contracts. GSE has won several
mission-critical simulators and training programs in this market. Coupling GSE's
technology and market penetration with Atlantis's extensive military experience
and technology creates a very strong offering to the US Military complex.
"The U.S. government and military complex is demanding increasingly modern and
cost-efficient technologies to be included in its simulation and training
programs," said Andrew Day, President and CEO of Atlantis. "We believe that we
have a number of unique and proprietary products and services that will meet
their demand and this agreement is a key milestone for Atlantis to pursue the
significant opportunities in this market."
About GSE Systems Inc.
GSE Systems, Inc. provides real-time simulation and training solutions. The
company has over three decades of experience, over 250 applications, and 100
customers in more than 25 countries. Our software, hardware and integrated
training solutions leverage proven technologies to deliver real-world business
advantages to the energy, process, manufacturing and government sectors
worldwide. GSE Systems is headquartered in Columbia, Maryland. Our global
locations include offices in Georgia, Sweden, Japan, and China. Information
about GSE Systems is available via the Internet at www.gses.com .
About Atlantis Systems Corp
Founded in 1978, Atlantis Systems is a training integrator specializing in
flight and maintenance training for the military and commercial aviation markets
worldwide. The company's proprietary, simulation-based technologies include
advanced aircraft maintenance trainers, flight training devices, and helicopter
vocational trainers. Atlantis also provides software and multimedia tools to
support training, as well as a range of training and integration services. The
company's customers include Boeing, the Royal Australian Air Force, the United
States Air Force, and the Canadian Department of National Defence. The Company
is headquartered near Toronto, Canada. For further information about Atlantis,
please visit the Company's website at www.atlantissi.com.
SOURCE: Atlantis Systems Corp.
CONTACT: Please contact: Atlantis Systems Corp. - Paul Maasland, Vice-
resident, Business
Development, (416) 916-3769, pmaasland@atlantissi.com or The
quicom Group - Dave
Mason or Rob Borg-Olivier, (416) 815-0700, dmason@equicomgrou
.com,
rborgolivier@equicomgroup.com
Copyright (C) 2005 CNW Group. All rights reserved.
**********************************************************************
As of Friday, 09-30-2005 23:59, the latest Comtex SmarTrend(SM) Alert,
an automated pattern recognition system, indicated a DOWNTREND on
07-07-2005 for GVP @ $1.67.
(C) 2005 Comtex News Network, Inc. All rights reserved.
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KEYWORD: Ontario
INDUSTRY KEYWORD: ARO
SUBJECT CODE: CON
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