DOVER, N.H., Oct. 19, 2012 /PRNewswire/ -- Atlas Technology Group (OTC:ATYG), is reporting on the resolution of compensation owed to President and CEO James Albion.
Mr. Albion has decided to accept restricted shares in place of the company paying him his back pay in cash.
"I had a choice," says Albion, "and I know we have something good going on here. The share price may not show it right now, but I am confident that as the company strengthens, choosing to accept shares over cash will prove to be the prudent decision for me and my family."
Albion, who is also President of the company's primary holding, Racing Limos America, Inc., is reportedly due just over $250,000 in cash and incentives through the end of 2011. The Company is reporting that his 2012 compensation will be resolved by the end of the year. An agreement regarding the number of shares he is to receive has not yet been completed, but the Company says details will be announced when an agreement is reached, which should also be by or before the end of the year.
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.
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: Racing Limos America, Inc. Investor Relations at (603) 285-0015 or by email at email@example.com
SOURCE Atlas Technology Group