RED BANK, N.J., Nov. 12, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation, Inc. (OTCBB:ABDV) announced today a change in management and a new direction for the company. A shareholder meeting was called by the board of directors and the proxy was sent out on November 4th, 2004. If approved by the shareholders, the company will change its focus to E-Direct ( www.e-directinc.com ), which Atlantis Business Development acquired 100% of in mid-June. E-Direct has been profitable for two consecutive quarters and has surpassed its original projections.
"The new direction and single focus of Atlantis will be to bring E-Directs positive cash flow directly into the company without the burden of having to support other fledgling entities," stated Christopher M. Dubeau, the company's CEO. Dubeau goes on to say, "We are focusing on E-Direct, which is already the nation's third largest multimedia marketing agency, with plans to make it even larger. This should create significant shareholder value."
John Figliolini was removed as the Company's President and replaced with Tim C. DeHerrera on October 5, 2004. Also on this date, Christopher M. Dubeau, E-Directs CEO, replaced Brian Zucker as Chairman of the Board. Mr. Zucker subsequently resigned as CFO and a Director of the company on October 25, 2004. The company expects to announce a new CFO prior to the shareholder meeting on November 15th 2004.
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. (ABDV), 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, ABDV's extremely limited operating history, uncertainties related to the Company's access to additional capital, competition and dependence on key management.