Announces Status Update on Sale of Its Subsidiary EFTAS, to Nettel Holdings, Inc. Wednesday February 28, 9:30 am ET
MIAMI, FL--(MARKET WIRE)--Feb 28, 2007 -- Atlantis Business Development Corporation, Inc. (OTC BB:ABSD.OB - News) is pleased to announce that it is rapidly moving forward to a definitive agreement to complete the deal with Nettel Holdings, Inc. ADVERTISEMENT
All the parties to the transaction, under which Nettel Holdings, Inc. will acquire the majority interest in the EFTAS Employment Program, have agreed to the terms outlined in the Letter of Intent, previously announced February 23, 2007.
Nettel Holdings, Inc. is a fast growing technology holding company, developing one of a kind technology solutions, which are primarily focused on the VoIP Industry. Nettel Holdings is known for turning innovative ideas into thriving companies. A public company since 2003, it is only natural for such a forward thinking technology innovator to want to help our soldiers.
EFTAS (Employment for the Armed Services) supports our military men and women, seeking civilian employment, as they return to their local communities at the conclusion of their military service. EFTAS, with the help of its broad community and business partner support, will make a difference for our soldiers.
Atlantis President and Director, Tim DeHerrera commented that, "We are pleased to have reached the agreement to move forward with Nettel Holdings, Inc. to complete the transaction in such a timely manner."
About Nettel Holdings, Inc:
Nettel Holdings, Inc. is a business incubator that creates small companies with a unique technology and supplies them with the necessary technical support, and finances needed to grow. The Company's main revenue producing product is called Advanced Voice Order Processing (AVOP). This product provides international long distance phone companies a single point of contact. The solution creates a mechanism to negotiate and manage call termination point agreements, with local phone companies, in countries around the globe.
Part of Nettel's success is its technical support which comes from a wholly owned subsidiary in Vietnam with more than 50 engineers, called Entec Software. This offshore operation provides a tremendous competitive edge for Nettel, and each subsidiary, keeping its software development costs extremely competitive.
About EFTAS:
EFTAS (Employment for the Armed Services) is an organization (www.eftas.org) dedicated to helping active duty military personnel find employment, prior to and on the heels of their return home from active duty. The site will be useful for all Veterans, as well. EFTAS is in the planning stages of developing its unique website that will provide the functionality of the leading electronic job posting websites, such as www.hotjobs.com, but for military personnel only.
In addition, EFTAS, a wholly owned subsidiary of Atlantis, is in the process of exploring other avenues for supporting the employment needs of our returning military personnel, such as collaborating with career fair operators, job training organizations, direct hiring employers, and executive search firms.
In sponsoring and supporting EFTAS, organizations and companies can gain a valued and focused benefit. Involvement with EFTAS, can position a firm as a leader in Local Community support and involvement, Military, and Military Veteran issues, and indicating a desire to attract these loyal customer bases.
About Atlantis Business Development Corporation Inc. (OTC BB:ABSD.OB - News):
The Company (http://www.atlantisbdc.com) has elected to be regulated as a business development company in accordance with the provisions of the Investment Company Act of 1940, as amended. The business development company form of business is a vehicle established by Congress to allow smaller, retail investors to participate in and benefit from investing in small private businesses as well as the revitalization of larger private companies. As a business development company, ABSD is engaged in providing debt and equity financing to public and private companies. In addition, we provide access to private equity funds, for working capital, acquisitions, management buyouts, projects and special situations. ABSD offers its clients a "one stop shop" of equity and senior, subordinated, structured and mezzanine debt to realize their business development objectives.
ABSD plans to achieve the level of success and implement a growth strategy similar to other established business development companies, such as American Capital Strategies, Ltd. On the NASDAQ, a publicly traded business development company with capital resources of approximately $8.4 billion (http://www.americancapital.com).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products and prices.
With respect to Atlantis Business Development Corp. (ABSD), except for the historical information contained herein, the matters discussed in this news release are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. Potential risks and uncertainties include, but are not limited to, ABSD's extremely limited operating history. Further, there are uncertainties that exist related to the Company's access to additional capital, competition, and dependence on key management.
Contact: Contact: Additional Information: Atlantis Business Development 305-446-1150
Investor Relations 503-336-5098
-------------------------------------------------------------------------------- Source: Atlantis Business Development Corp.
Posts: 6410 | Registered: Jul 2006
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hey guys you have to think this came down on very low volume and it will go back up to that dollar with low volume as well....glta tomorrow should be a monster
Posts: 264 | From: ny | Registered: Oct 2006
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Company Stock Information Shares Outstanding: 5,529,000 Active Float: 331,887 (approximate) Detailed Quote: click here
WOWWW
FIRST TIME IN A WHILE IM ACTUALLY EXCITED WHAT TOMORROW WILL BRING RATHER THEN NERVOUS ,,WITH THAT LOW OF A FLOAT WE COULD VERY POSSIBLY SEE 1 DOLLAR IN THE NEAR FUTURE!
Posts: 264 | From: ny | Registered: Oct 2006
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posted
I've been in this for a little while now. I don't think tomorrow will be a monster but I think It will creep back up. Dilution, share dividend, whatever..... The selling is slowing down and we will creep back up. I'll be happy with a few cents a week....
Posts: 7 | Registered: Feb 2007
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Shares Outstanding: 5,529,000 Active Float: 331,887 (approximate)
even with the full 5.5 mil shares in the float we may see upper .40s by the end of this week
but lets say it is indeed 331,000 active float we will likely see a dollar again by week end
Posts: 264 | From: ny | Registered: Oct 2006
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quote:Originally posted by mike l: Shares Outstanding: 5,529,000 Active Float: 331,887 (approximate)
On September 30, 2006, the Company had 200,000,000 shares of common stock authorized at a par value of $.001, and 21,408,750 shares issued and outstanding.
The company raised $83,580 with the issuance of 7,392,000 shares of stock. A beneficial interest was recognized of $74,750 to account for the discount. -------------ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2006, the Company had working capital of $175. The Company can rely on its Equity Line of Credit Agreement if necessary to fund operations.
RESULTS OF OPERATIONS
There was $0.00 in revenue derived from the Company for the three-month period ended September 30, 2006. There was $0 revenue for the three month period ended September 30, 2005.
There was $147,934 Operational Expenses for operations for the nine-month period ended September 30, 2006, compared to $4,492,455 in operating expenses for the nine-month period ended September 30, 2005. This decrease in operational expense is attributable to the impairment of goodwill associated with the disposition of a subsidiary in the first quarter of 2006.
There were no Sales and Marketing expenses for the three month period ended September 30, 2006, or SSeptember 30, 2005.
Posts: 2503 | From: connecticut | Registered: Mar 2005
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