DOVER, N.H., April 16, 2013 /PRNewswire/ -- Atlas
Technology Group, Inc. (OTC Pink: ATYG), the holding company for
Racing Limos America, Inc., (http://www.racinglimosamerica.com/)
announced today an update on its capital restructuring. Part
of that includes notice from CEO James
Albion regarding the incessant rumors regarding a reverse
split of the company's stock.
"The rumors have been flying everywhere," says CEO Albion.
"I've received dozens of emails asking over and over about a
reverse split of our stock. I'm here to clear the air on this
and other aspects of our capital restructuring."
Albion has announced the following points:
STOCK BUYBACK: Still in the works as the private equity money
has been slightly delayed. As stated in a previous press
release, once that funding is available, the company will commence
the stock buyback, starting with buying stock out of the market,
then later this year arranging to buy stock back from shareholders
who option to participate in the buyback process.
EXPANSION INTO CANADA: Still
working on the paperwork and compliance process to sell franchises
in Canada. Better to be a little slower and more meticulous
so we get it right the first time. The corporation, "Racing
Limos Canada, Inc." has been approved and established, its domicile
in the State of New Hampshire. More on this as it
develops.
REVERSE SPLIT: "Let's review," says Albion. "We announced
a reverse split of our stock back in October 2012. When I
realized I could avoid putting the company and our shareholders
through that, I cancelled it (in November)." Albion
continued, "I've always said in press releases and to shareholders
directly that I would not take the reverse split option off the
table, but that it would only be executed as a last resort for the
survival of the company."
"I am prepared to report that after a thorough review of our
business developments and market situation, including our
preparations for a stock buyback, our circumstances are such that
the company sees no need to consider the execution of a reverse
split of our stock."
About Atlas Technology Group, Inc.
Headquartered in Dover, NH,
Atlas Technology Group, Inc. is a holding company, with its primary
holding being Racing Limos America, Inc.
Forward Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, changes in the Company's business; competitive factors
in the market(s) in which the Company operates; risks associated
with operations outside the United
States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
CONTACT: Atlas Technology Group, Inc.: Investor Relations
at (603) 285-0015 or by email at investorrelations@atyg.net; view
our FACT SHEET at:
http://www.racinglimosamerica.com/images/stories/atyg-fact-sheet-jan2013.pdf
SOURCE Atlas Technology Group, Inc.