Attached files
| file | filename |
|---|---|
| 8-K - ATS CORP | v207636_8k.htm |
| EX-10.1 - ATS CORP | v207636_ex10-1.htm |
ATS
Corporation Announces Strategic Evaluation and Executive Changes
MCLEAN,
VA – (PRNEWSWIRE) – January 7, 2011. ATS Corporation (“ATSC” or the
“Company”) (NYSE Amex: ATSC), a leading information technology company that
delivers innovative technology solutions to government and commercial
organizations, today announced that the Board of Directors has begun a process
to evaluate strategic alternatives for the Company. Board Chairman
Dr. Edward H. Bersoff explained that “The Board continues to believe that the
current market value of the Company’s shares does not reflect its underlying
value and prospects.” There can be no assurance that the
review of strategic alternatives will result in the Company pursuing any
particular transaction, or, if it pursues any such transaction, that it will be
completed.
The
Company also announced that President and Chief Executive Officer Sidney E.
Fuchs, who joined the Company during 2010, has decided to depart from the
Company. Dr. Bersoff commented, “In light of the
Board’s decision to begin this process, Sid concluded that
it was in his best interests to pursue other opportunities.”
In terms
of ongoing leadership, Executive Vice President and Chief Financial Officer
Pamela A. Little and Senior Vice President John Hassoun have become Co-Chief
Executive Officers, with Ms. Little having primary responsibility for financial
and administrative aspects of the Company’s affairs and Mr. Hassoun having
primary responsibility for operational matters, such as pursuit and execution of
contracts.
About
ATS Corporation
ATSC is a
leading provider of mission-driven software and systems development, systems
integration, infrastructure management and consulting services to the Department
of Defense, Federal civilian agencies, public safety and national security
customers, as well as commercial enterprises. ATSC technology
professionals are recognized for their deep domain expertise in case management;
border and port security; and financial, supply chain management and health
information systems. Headquartered in McLean, Virginia, the Company
has more than 500 employees at 5 locations across the
country.
Any
statements in this press release about future expectations, plans, and prospects
for ATSC, including statements about evaluating strategic alternatives for the
Company, 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
24, 2010. In addition, the forward-looking statements included in this press
release represent our views as of January 7, 2011. 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
January 7, 2011.
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