ATS
Corporation Announces Stock Repurchase Program
MCLEAN,
VA – (BUSINESSWIRE) – February 17, 2009, ATS Corporation (“ATSC” or
the “Company”) (OTCBB:ATCT), a leading information technology company that
delivers innovative technology solutions to government and commercial
organizations, today announced that its Board of Directors has approved a
repurchase program authorizing the Company to purchase up to the lesser of $3.0
million or 2.0 million shares of Company common stock, in the open market from
time to time over a twelve-month period. The timing of the share
repurchases under the program is at the discretion of the Company and will
depend on a variety of factors, including market conditions and bank approvals
and may be suspended or discontinued at any time. Common stock
acquired through the repurchase program will be held by the Company as treasury
shares and may be used for general corporate purposes, including reissuances in
connection with acquisitions, employee stock option exercises or other employee
stock plans. The Company currently has approximately 22.5 million
shares outstanding, which excludes any shares issuable upon the exercise of the
Company’s outstanding warrants that expire in October of this year, to purchase
approximately 3 million shares of common stock at an exercise price of $5.00 per
share.
“We
believe that the current market value of our shares does not accurately reflect
the underlying value of the Company,” said Dr. Edward Bersoff, ATSC President
and Chief Executive Officer. “We will continue to assess means to
improve the long term value of the Company for our shareholders,“ Bersoff
added.
About
ATS Corporation
ATSC is a
leading provider of software and systems development, systems integration,
infrastructure management and outsourcing, information sharing and consulting to
the Department of Defense, Federal civilian agencies, public safety and national
security customers, as well as commercial enterprises. Headquartered in
McLean, Virginia, the Company has more than 600 employees at 12 locations across
the country.
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 17, 2008, as amended on March 21, 2008 and April 4, 2008. In
addition, the forward-looking statements included in this press release
represent our views as of February 17, 2009. 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
February 17, 2009.
Additional
information about ATSC may be found at www.atsc.com.
Company
Contact:
Joann
O’Connell
Vice
President, Investor Relations
ATS
Corporation
(571)
766-2400
Media
Contact:
Penny
Parker
Corporate
Communications Manager
ATS
Corporation
(571)
766-2400
