DOVER, N.H., Oct. 19, 2012 /PRNewswire/ -- Atlas
Technology Group (OTC:ATYG), is reporting on the resolution of
compensation owed to President and CEO James Albion.
Mr. Albion has decided to accept restricted shares in place of
the company paying him his back pay in cash.
"I had a choice," says Albion, "and I know we have something
good going on here. The share price may not show it right
now, but I am confident that as the company strengthens, choosing
to accept shares over cash will prove to be the prudent decision
for me and my family."
Albion, who is also President of the company's primary holding,
Racing Limos America, Inc., is reportedly due just over
$250,000 in cash and incentives
through the end of 2011. The Company is reporting that his
2012 compensation will be resolved by the end of the year. An
agreement regarding the number of shares he is to receive has not
yet been completed, but the Company says details will be announced
when an agreement is reached, which should also be by or before the
end of the year.
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.
CONTACT: Racing Limos America, Inc. Investor Relations at
(603) 285-0015 or by email at investorrelations@atyg.net
SOURCE Atlas Technology Group
