Atlantis Systems repays C$3 million in convertible debentures in full

By Sheri Kasprzak

New York, Aug. 17 - Atlantis Systems Corp. has repaid in full C$3,037,808 in principal of outstanding convertible debentures after allegedly defaulting on the securities.

On Wednesday, the company announced that the debenture holders had demanded payment in full after the debentures were reported as a current liability, constituting an event of default.

The 10% debentures were repaid with cash on hand, according to an 8-K filed with the Securities and Exchange Commission.

Toronto-based Atlantis develops desktop and full-flight simulation used for military, commercial aviation and energy market applications.

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