ATS Corporation Increases Borrowing Capacity to $50 Million
MCLEAN, VA--(Marketwire - June 11, 2007) - ATS Corporation ("ATSC") (OTCBB: ATCT), a
leading information technology company that delivers innovative technology
solutions to federal, state, and local government organizations, today
announced that it had entered into a new credit agreement with Bank of
America, N.A., acting as Administrative Agent and Citizens Bank of
Pennsylvania. The Credit Agreement provides for a $25 million revolving
credit facility, with the option for the company to increase the amount
available under the facility up to $50 million.
"We are pleased to have successfully negotiated a new credit facility that
offers us greater borrowing capacity, balance sheet flexibility and should
support our anticipated working capital and acquisition growth
requirements," said ATSC Senior Vice President and Chief Financial Officer,
Pamela Little.
About ATS Corporation and Advanced Technology Systems, Inc.
ATS Corporation (formerly named Federal Services Acquisition Corporation)
operates through its subsidiaries, Advanced Technology Systems, Inc.,
Reliable Integration Services, and Appix, Inc.
Advanced Technology Systems, Inc. ("ATS") is a leading provider of systems
integration and application development, IT infrastructure management and
strategic IT consulting services to U.S. federal government agencies. Since
its founding in 1978, ATS has been recognized for its custom software
development and software integration capabilities and its deep domain
expertise in federal government financial, human resource and data
management systems. ATS has built and implemented over 100 mission-critical
systems for clients.
ATS' financial management software expertise assists clients preparing for
the government's increased financial accountability standards. ATS' data
management systems expertise allows clients to increase efficiency with
better human resource and case management tracking capabilities, while also
allowing them to organize and track information easily. Additionally, ATS'
IT outsourcing capabilities provide ATS with an opportunity to develop
long-term value added partnerships with clients that allow end-users and
government agencies to focus on core mission priorities, while reducing
expenditures on systems management.
In addition, ATSC leverages its IT services, management consulting, and
software and systems development solutions expertise into financial
institutions, insurance companies and government sponsored enterprises
through a wholly owned subsidiary, Appix, Inc. ("Appix"). Appix is one of
the largest providers of outsourced professional services at Fannie Mae and
currently serves many Fortune 500 financial services and insurance
companies. Additional information about Appix may be found at
www.appix.com.
Any statements in this press release about future expectations, plans, and
prospects for ATSC, including statements about the estimated value of the
contract and work to be performed, and other statements containing the
words "estimates," "believes," "anticipates," "plans," "expects," "will,"
and similar expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: our
dependence on our contracts with federal government agencies for the
majority of our revenue, our dependence on our GSA schedule contracts and
our position as a prime contractor on government-wide acquisition contracts
to grow our business, and other factors discussed in our latest annual
report on Form 10-K filed with the Securities and Exchange Commission on
March 26, 2007. In addition, the forward-looking statements included in
this press release represent our views as of May 21, 2007. We anticipate
that subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking statements at
some point in the future, we specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as representing
our views as of any date subsequent to May 21, 2007.
Additional information about ATSC and ATS may be found at www.atsva.com.
Contact Information: Company Contact:
Dr. Edward H. Bersoff
Chairman, President and Chief Executive Officer
ATS Corporation
(703) 506-0088
Joann O'Connell
Vice President, Investor Relations
ATS Corporation
(703) 506-0088
Investor Relations Contact:
Laura Kowalcyk
Investor Relations
CJP Communications for ATS Corporation
(212) 279-3115 ext. 209