TORONTO, ONTARIO--(Marketwire - April 27, 2012) -

This news release may contain forward-looking statements. Reference should be made to "Forward-looking Statements" at the end of this news release. All amounts are stated in Canadian dollars except where otherwise noted.

Atlantis Systems Corp. ("Atlantis") (NEX:AIQ.H), a globally recognized training integrator in the military and commercial aviation markets, today announced its audited consolidated financial results for the year ended 2011. Full results are available on www.sedar.com. 

About Atlantis Systems Corp.

Atlantis Systems Corp. uses its core capabilities in simulation-aided design, engineering and e-learning, combined with various technology tools, to help customers in military and civil aviation 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 Original Equipment Manufacture ("OEM") customers and defence organizations. To learn more, please visit the Company's web site at www.atlantissc.com.

Forward-Looking Statements

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 available on SEDAR at www.sedar.com.

ATLANTIS SYSTEMS CORP.
Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Canadian dollars except per share amounts)
				For the years
				ended December 31
				2011				2010
Revenue				$	14,512			$	19,851
	Cost of revenue				10,853				12,912
	Gross margin				3,659				6,939
Other income (Note 22)					871				-
Expenses
	General and administrative				3,419				4,185
	Selling and marketing				615				495
	Restructuring costs				203				189
	Share-based compensation expense				-				11
					4,237				4,880
Operating income					293				2,059
	Depreciation and amortization				206				1,114
	Finance costs (Note 8)				2,154				1,279
	Loss on derivative liability				341				-
	Acretion expense				12				-
	Foreign currency loss (gain)				233				(489	)
	Write down of investments				6				-
	Loss (gain) on disposal of capital assets				6				(479	)
Net and comprehensive income (loss)				$	(2,665	)		$	634
Earnings (loss) per share (Note 15)
		Basic		$	(0.26	)		$	0.08
		Diluted		$	(0.26	)		$	0.08
The accompanying notes are an integral part of these consolidated financial statements.

ATLANTIS SYSTEMS CORP.
Consolidated Statements of Financial Position
As at December 31, 2011, December 31, 2010 and January 1, 2010
(Expressed in thousands of Canadian dollars)
			December 31				December 31				January 1
			2011				2010				2010
ASSETS
Current assets
	Cash and cash equivalents		$	1,610			$	1,110			$	161
	Note receivable (Note 11)			100				200				-
	Trade and other receivables (Note 9)			2,624				2,439				2,089
	Unbilled revenue			2,736				3,679				2,376
	Inventory (Note 10)			-				118				489
	Prepaid expenses			299				167				143
	Current assets of discontinued operations (Note 7)			-				16				16
				7,369				7,729				5,274
Note receivable (Note 11)				-				100				-
Capital assets, net (Note 12)				521				615				667
Long-term prepaid expenses				1				151				54
Other long-term assets				67				77				77
Core technology				-				-				797
				589				943				1,595
			$	7,958			$	8,672			$	6,869
LIABILITIES
Current liabilities
	Operating line of credit (Note 13)		$	-			$	6,732			$	5,555
	Accounts payable and accrued liabilities			2,396				4,659				4,162
	Deferred revenue			1,420				2,566				3,367
	Bridge loans (Note 13)			-				-				898
	Term debt (Note 13)			-				996				2,733
	Current liabilities of discontinued operations (Note 7)			-				11				11
				3,816				14,964				16,726
Term note (Note 14)				6,648				-				-
Convertible note (Note 14)				5,897				-				-
Derviative liability (Note 14)				554				-				-
				13,099				-				-
				16,915				14,964				16,726
SHAREHOLDERS' DEFICIENCY
	Share capital and warrants (Note 15)			92,837				92,837				89,917
	Share-based payments reserve			9,338				9,338				9,327
	Deficit			(111,132	)			(108,467	)			(109,101	)
				(8,957	)			(6,292	)			(9,857	)
			$	7,958			$	8,672			$	6,869
Going concern (Note 1); Subsequent events (Note 24); Commitments (Note 19)
The accompanying notes are an integral part of these consolidated financial statements.

Approved on behalf of the Board of Directors:
signed David Williams, Director	signed Ken Howard, Director

ATLANTIS SYSTEMS CORP.
Consolidated Statements of Changes in Shareholders' Deficiency
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Canadian dollars, except number of shares)
	Number of shares		Common stock		Share-based payments reserve			Warrants			Accumulated deficit			Total shareholders' deficiency
Balance, January 1, 2010	2,799,383		$	89,314	$	9,327		$	603		$	(109,101	)	$	(9,857	)
Comprehensive income (loss)	-			-		-			-			634			634
Warrants exercised	465,000			855		-			(576	)		-			279
Granted - term debt conversion	6,969,300			2,641		-			-			-			2,641
Share-based payments reserve	-			-		11			-			-			11
Balance, December 31, 2010	10,233,683			92,810		9,338			27			(108,467	)	$	(6,292	)
Comprehensive income (loss)	-			-		-			-			(2,665	)		(2,665	)
Balance, December 31, 2011	10,233,683		$	92,810	$	9,338		$	27		$	(111,132	)	$	(8,957	)
The accompanying notes are an integral part of these consolidated financial statements.

ATLANTIS SYSTEMS CORP.
Consolidated Statements of Cash Flows
For the years ended December 31, 2011 and 2010
(Expressed in thousands of Canadian dollars)
			For the years
			ended December 31
			2011				2010
Cash flows provided by (used in):
Operating activities:
Net income (loss)			$	(2,665	)		$	634
Items not affecting cash:
	Depreciation and amortization			206				1,114
	Loss (gain) on disposal of capital assets			6				(479	)
	Foreign currency loss (gain)			233				(489	)
	Writedown of investments			6				-
	Finance costs			2,154				1,279
	Accretion on term debt			12				-
	Loss on derivative			341				-
	Share-based payment expense			-				11
Long-term prepaid expense				150				(97	)
Other long-term assets				10				-
Long-term receivable				100				(100	)
Net change in non-cash working capital (Note 20)				(2,780	)			(2,603	)
Interest paid				(1,939	)			(486	)
Net cash used in operating activities				(4,166	)			(1,216	)
Investing activities:
Investment in capital assets				(119	)			(300	)
Proceeds from disposal of capital assets				-				514
Net cash provided by (used in) investing activities				(119	)			214
Financing activities:
Term debt proceeds				4,785				-
Operating line proceeds				-				1,951
Net cash provided by financing activities				4,785				1,951
Net increase in cash and cash equivalents				500				949
Cash and cash equivalents, beginning of year				1,110				161
Cash and cash equivalents, end of year			$	1,610			$	1,110
The accompanying notes are an integral part of these consolidated financial statements.