Atlas Capital Holdings Inc. (OTCQB: ALCL) (OTCBB: ALCL) (the "Company") today announced that its wholly-owned subsidiary AlgaeTek System's Pilot Program to produce algae will include biofuel applications.
In August, the USDA, Department of Energy and the U.S. Navy announced an historic commitment to directly invest up to $510 million to retrofit and/or build facilities capable of producing drop-in replacement fuels. Funds from the private sector will be matched, bringing the total potential available capital to more than $1 billion.
"This boost to the industry comes at a perfect time as our company aggressively launches our pilot program to produce algae," stated Christopher Davies, CEO of Atlas Capital Holdings, Inc. "While we will not rule out other revenue opportunities, we believe that the biofuel industry is a key to our economy's growth and we will target our efforts to developing algae strains for these applications as well as high grade algae that has nutraceutical applications. We have already been contacted by several large companies for product and we feel strongly that based on our conservative projections that our pilot program alone will generate in excess of $500,000 in revenue the first six months in production."
About Atlas Capital Holdings, Inc.
Atlas Capital Holdings, Inc. was incorporated in the State of Nevada on September 13, 2006. The Company was formerly known as Micro Mammoth Solutions, Inc. and operated as such until January 25, 2010. On January 26, 2010, the Board of Directors of the Company approved a Stock Purchase Agreement between the Company and all of the shareholders of Atlas Capital Partners, LLC. Following the acquisition of Atlas Capital Partners the shareholders approved an amendment to the Company's Articles of Incorporation changing the Company's name from Micro Mammoth Solutions, Inc. to Atlas Capital Holdings, Inc.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Atlas Capital Holdings, Inc. undertakes no obligation to update such statements.