Atlas Technology Group: 2013 Year in Review and a 2014 Preview
3:30pm EST December 31, 2013
DOVER, NH: Atlas Technology Group (OTC:ATYG), year in review and 2014 preview.
2013: Year in Review
It’s been a challenging year.
The company had a modest, but productive Q1 2013 looking forward to added capital and a plan to stabilize the share structure. Much of Q2 2013 was invested reducing the float by just over 1 billion shares.
“It appeared we had some good momentum going into the reducing of the float, especially after a positive first quarter,” says Atlas CEO James Albion. “But shareholder support dried up, and our buyback and float reduction hit a wall, and we just never got moving forward again.”
The Company has decided the buyback will not be re-engaged.
Another setback came when the remaining Racing Limos franchisees had concerns regarding the ownership issues of Racing Limos®. “We’ve been dealing with the transition longer than we anticipated,” says Albion, “but that was actually decided a while back, satisfying the acquisition through a combination of cash and debt. Money is still owed to the previous owner, but it is owed through a third party firm.”
Albion continued, “we’ve run into difficulties with the franchisees and, basically, they are rebelling.” The “rebellion” has meant that Racing Limos America™ has received no franchisee payments from any franchisees since August. “This has caused tremendous financial strain on the business,” says Albion, “but we have just recently resolved that issue.”
In the final days of 2013, the light at the end of this tunnel has appeared. “Through an introduction by a business acquaintance,” reports Albion. “We are going to work with a group that specializes in share structure and company infrastructure cleanup of companies like ATYG who have struggled. Candidly, it’s the best news we’ve had for quite some time.”
Looking ahead: 2014
Our social media and public communication has been lacking. That will be fixed in early 2014.
In the first few days of the New Year, ATYG is completing an acquisition within the Racing Limos America™ family. The addition of Cool Limos™ will add investment and revenue opportunities to the limo marketing that Racing Limos America™ has planned for this year.
“Once the acquisition is complete, which we expect sometime in January, we will make an announcement and introduce to you our new Officer and Partner.”
In January, ATYG plans to execute the necessary actions to bring the corporation current in Delaware, bring the company current with OTC Markets, and has started a process toward getting the DTC chill lifted. “Obviously there are no guarantees in getting our chill lifted,” says Albion. “But we finally have a firm, possible path that could result in having our chill lifted. If accomplished, we believe this will have a significant, positive effect on our stock, its liquidity, and our ability to make share structure decisions far more quickly and much less expensively.”
As to funding, ATYG was able to receive some small amounts of the expected funding, but it is believed the remainder is on the way during Q1 2014.
“Because we have made the decision to work with a group to restructure the company and its share structure, we can focus the funding on business expansion,” says Albion. “I know we’ve been down this road before (back in 2012), and things didn’t pan out. This time we feel more confident in the success of expanding the business because as our group focuses on ATYG, we can otherwise concentrate on the Racing Limos® and Cool Limos businesses.”
Plans are to open locations in Boston, Springfield (West MA), Hartford CT, and (finally) get Miami open.
“We have a potential franchise group interested in opening multiple locations in Connecticut,” says Albion. “If we can make this happen, we will have our new Officer to thank for that.”
During the first half of 2014, ATYG plans to launch a new company with a similar business model to Racing Limos America™, but with non-limo vehicles.
“I’ve been developing and fostering this business model for a few months,” says Albion. It will offer the opportunity for smaller businesses to afford marketing on cars at a less expensive rate than on the limos. In addition, it will be set up to help car owners afford their payments, and it will help banks reduce their costs of collection on delinquent car loans.”
Though the plan isn’t yet complete, Albion says he is working to include the assistance of banks, oil companies, car maintenance & repair shops, and car dealers in the process. “The goal is to forge a win-win scenario all around,” says Albion. “If the model benefits everyone, it can’t help but win.”
Albion says he has already received interest from numbers of people and businesses on all fronts. “I know we have a winner on this, and it will be a great revenue addition to the company.”
Last, the rumor mill squeezed out a whisper that a company has shown interest in acquiring ATYG. “We’ve recently been approached,” smiles Albion. “Things always look good after the first conference call. Let’s see where we are after more discussions.”
When asked to summarize, Albion lamented, “We’ve had a tough couple of years, but we truly feel 2014 will be a very good year for us.”
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: Atlas Technology Group, Inc. Investor Relations at (603) 285-0015 or by email at investorrelations@atyg.net
