DOVER, N.H., Nov. 1, 2012 /PRNewswire/ -- Atlas Technology Group (OTC: ATYG), today announced details on corporate actions, or what it terms its "Company Makeover."
The Company has filed with the State of Delaware for a name change, from Atlas Technology Group, Inc. to Racing Limos International Holdings, Inc. The Company has also requested a new symbol from FINRA. The Company cannot yet confirm the name and symbol change, pending confirmation from FINRA.
"The 'Atlas Technology' name does not adequately represent the company," says CEO James Albion. "The truth is we were not prepared to make the name change until we were sure we'd stay in the public sector for the long term. We now know who we are (in the public sector) and where this Company is going, making it time to change the name."
The Company will remain a holding company for its subsidiary holdings Racing Limos America™ and Racing Limos Canada™ and hold future assets as the company continues its growth and expansion efforts.
As of Friday, October 26, 2012, the share numbers are as follows: total authorized is 2,000,000,000; total outstanding is 1,083,449,851 broken down as 111,360,576 restricted, 972,089,275 free-trading.
SHARE STRUCTURE CHANGE
The Company has authorized a reverse split of the company stock and has submitted a request to FINRA for confirmation. The split will convert every 150 shares into a single share. The 2,000,000,000 authorized shares will contract to 13,333,333 with a simultaneous raise of the authorized shares to 500,000,000 to complete the share structure change.
"We knew for the sake of the company and its shareholders this would have to be done," says Albion.
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 firstname.lastname@example.org
SOURCE Atlas Technology Group