DOVER, N.H., Feb, 12, 2013
/PRNewswire/ -- Racing Limos America, Inc., a subsidiary of Atlas
Technology Group, Inc. (ATYG) (OTC Pink: ATYG), reviews 2012 and
previews 2013.
"2012 proved to be a very difficult and challenging year for the
Company," stated Atlas CEO and Racing Limos America™ President
James Albion.
During the year, Racing Limos America™ had signed three
franchisee "letters of intent" just to have two of them fall
through and a third put on hold. In addition, the company
suffered many financial struggles during the entire year.
ATYG's struggles deepened as three funding contracts with three
different groups ultimately faltered. In the middle of its
struggles, ATYG President Tyler
Libby decided to resign for personal reasons.
"The Company kept hitting pot-hole after pot-hole," said Albion.
"There were nights I felt like giving up the ship and asked myself,
'why am I doing this?' But I also knew that if I could remain
focused and look ahead at the potential of the business and
continued ahead with a positive attitude, I could eventually ride
out the storm and that's exactly what seems to be happening."
During the first half of Q4 2012, the Company brought a new,
experienced and financially sound funding group to the table. Since
the turn of the year, one of the two franchisee groups that
originally withdrew their "letter of intent" is back in
discussions, and the group on hold for the Miami territory is moving forward again toward
a scheduled closing by or before the end of Q1 2013. "If all
goes well," says Albion, "The Miami territory will be open by Memorial Day."
"These first weeks of 2013 bring great promise for both Racing
Limos America™ and Atlas Technology Group," Albion continued. "Over
the next few months, we will complete our first phase of funding
and solidify the share structure of the Company. At that
time, Racing Limos America™ will be in the midst of its planned
expansion."
The Company also has recently received franchise inquiries from
several U.S. cities, Canada,
London, and the Gulf region in the
Middle East. In addition, the
Company is working diligently to complete and satisfy compliance
regulations to operate around the globe.
ATYG will soon have new subsidiaries within its holding family
beyond Racing Limos America™: Racing Limos Canada™, Racing Limos
UK™, and a Racing Limos corporate identity for the Middle East should that opportunity pan
out.
"It's getting exciting again, except this time on a very
positive note," says Albion. "I'm buying new sunglasses. I see
bright and sunny skies ahead."
About Racing Limos America,
Inc.
Headquartered in Dover, NH
Racing Limos America, Inc. is a franchise operating system of race
car themed stretch limousines, focused on advertising and marketing
partnerships, business-to-business relationship development, and
specialty transportation. For more information visit
www.racinglimosamerica.com
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@rlihinc.com
SOURCE Atlas Technology Group, Inc.
