Approximately $0.8 million expected in the next eight weeks
TORONTO – Atlantis Systems Corp. today announced that it has been notified by the Ontario Media Development Corporation of its eligibility to receive an Ontario Interactive Digital Media Tax Credit, which is a refundable tax credit based on eligible Ontario labour, marketing and distribution expenses with respect to interactive digital media products produced in Ontario. Under this program, Atlantis expects to receive approximately $1.5 million in fiscal 2009, net of applicable fees. The Company expects to receive $0.8 million in February 2009 and the balance once the 2008 tax returns have been filed. The tax credits relate to expenses incurred in the 2007 and 2008 taxation years. The Company plans to apply for future credits through the Ontario Media Development Corporation and through a similar program in Nova Scotia.
“These tax credits provide strong evidence of the quality and innovativeness of Atlantis’ solutions, and they help to solidify our near-term financial position as we execute our new strategic plan and pursue multiple opportunities in our business development funnel,” said Henrik Noesgaard, Interim CEO of Atlantis Systems. “Going forward, these tax credits will help support our R&D efforts as we continue to invest in certain new technologies in line with our business plan.”
The Ontario Media Development Corporation is an agency of the Ontario Ministry of Culture that facilitates economic development opportunities for Ontario’s cultural media industries.