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.
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SOURCE Atlas Technology Group, Inc.