Atlas Technology Announces 350-500 Million Share Stock Buy-Back as Part of Strategy to Clean up Capital Structure Share Purchase and Phased Buy-back in Place to Reduce Number of Shares in Public Float
DOVER, N.H., March 11, 2013 /PRNewswire/ -- Atlas Technology Group, Inc. (OTC Pink: ATYG), the holding company for Racing Limos America, Inc., (http://www.racinglimosamerica.com/) an emerging advertising and marketing company with franchise operated locations, specializing in multi-media marketing partnerships, announced today that the Company has completed formulation of a strategy to clean up the capital structure of the Company's stock. The Company is reporting they will utilize, in part, money raised through non-secured private investment, presently being accumulated for a phased buy-back of the stock.
The buy-back is expected to be complete by the end of Q2 2013 and will be done so at the Company's discretion. The first phase is expected to encompass 350-500 million shares.
"Over the course of the next 9-12 months it is our objective to buy back at least half of the public float," CEO James Albion stated.
"We have a lot of work to do to work the stock price back up so that we can continue execution of our business plan, especially for the 3rd and 4th quarters," said Albion.
"We believe a phased buy-back is an effective solution. Additionally, we have commitment and support from our private investors to continue this process as long as it takes to get the stock back to a level of respectability," Albion continued.
"We have a lot happening on the business end and while we already have the financial support there, we need to plan for later this year to continue the aggressive growth path we have chosen," Albion concluded.
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.
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SOURCE Atlas Technology Group, Inc.