DOVER, N.H., Feb, 12, 2013 /PRNewswire/ -- Racing Limos America, Inc., a subsidiary of Atlas Technology Group, Inc. (ATYG) (OTC Pink: ATYG), reviews 2012 and previews 2013.
"2012 proved to be a very difficult and challenging year for the Company," stated Atlas CEO and Racing Limos America™ President James Albion.
During the year, Racing Limos America™ had signed three franchisee "letters of intent" just to have two of them fall through and a third put on hold. In addition, the company suffered many financial struggles during the entire year.
ATYG's struggles deepened as three funding contracts with three different groups ultimately faltered. In the middle of its struggles, ATYG President Tyler Libby decided to resign for personal reasons.
"The Company kept hitting pot-hole after pot-hole," said Albion. "There were nights I felt like giving up the ship and asked myself, 'why am I doing this?' But I also knew that if I could remain focused and look ahead at the potential of the business and continued ahead with a positive attitude, I could eventually ride out the storm and that's exactly what seems to be happening."
During the first half of Q4 2012, the Company brought a new, experienced and financially sound funding group to the table. Since the turn of the year, one of the two franchisee groups that originally withdrew their "letter of intent" is back in discussions, and the group on hold for the Miami territory is moving forward again toward a scheduled closing by or before the end of Q1 2013. "If all goes well," says Albion, "The Miami territory will be open by Memorial Day."
"These first weeks of 2013 bring great promise for both Racing Limos America™ and Atlas Technology Group," Albion continued. "Over the next few months, we will complete our first phase of funding and solidify the share structure of the Company. At that time, Racing Limos America™ will be in the midst of its planned expansion."
The Company also has recently received franchise inquiries from several U.S. cities, Canada, London, and the Gulf region in the Middle East. In addition, the Company is working diligently to complete and satisfy compliance regulations to operate around the globe.
ATYG will soon have new subsidiaries within its holding family beyond Racing Limos America™: Racing Limos Canada™, Racing Limos UK™, and a Racing Limos corporate identity for the Middle East should that opportunity pan out.
"It's getting exciting again, except this time on a very positive note," says Albion. "I'm buying new sunglasses. I see bright and sunny skies ahead."
About Racing Limos America, Inc.
Headquartered in Dover, NH Racing Limos America, Inc. is a franchise operating system of race car themed stretch limousines, focused on advertising and marketing partnerships, business-to-business relationship development, and specialty transportation. For more information visit www.racinglimosamerica.com
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 firstname.lastname@example.org
SOURCE Atlas Technology Group, Inc.