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Atlantis Systems closes sale of wireless communica


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#1 ic0n

ic0n

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Posted 30 March 2003 - 06:27 AM

TORONTO (CP) - Atlantis Systems Corp. said Thursday it has closed the sale of its California-based "intelligent" traffic systems division to SRC Technologies Inc. for about $1 million US in stock and assumed debt.

The division, known as Denbridge Digital Ltd., develops remote wireless data communications systems for use on highways in California and other locations. The sale streamlines Atlantis's corporate structure while boosting working capital, said vice-president Jamie Macintosh, vice-president of Atlantis, formerly called Connectivity Inc.

Under terms of the sale, SRC has issued $440,000 US worth of convertible preferred shares to Atlantis and is assuming the division's $560,000 US net liabilities.

The preferred shares will be secured against the assets of Denbridge Digital. The agreement calls for the preferreds to be redeemed for 440,000 publicly traded common shares of SRC on the fifth anniversary of the closing.

Atlantis continues to develop, build and sell the Denbridge Digital line of Vessel Traffic System products, used by port and harbour operators around the world.

Atlantis is a developer of simulation-based aircraft and naval training systems, and a leading supplier of high-tech systems for vessel traffic management. Clients include defence forces and government agencies, commercial airlines and aircrew training centres.

On the Toronto stock market early Thursday, Atlantis Systems (TSX:AIQ) shares traded at 90 cents, up two cents, or 2.27 per cent.




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