RED BANK, N.J., Nov. 12, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation, Inc. (OTCBB:ABDV) announced today that it has received $100,000.00 of funding from Ocean State Investment Inc. Atlantis will use this $100,000.00 for the purpose of paying $94,500.00 owed to the Internal Revenue Service for old employer tax obligations pursuant to the accepted Offer in Compromise as announced on September 14, 2004.
"The new management was quick to make this settlement a priority," stated Christopher Dubeau, the company's CEO. "We will be paying the settlement in a couple days and once the $94,500 is paid our balance sheet improves by $300,000. This has long been ignored and shows the commitment the new management has to finish commitments."
About Atlantis:
Atlantis Business Development Corporation, (ABDV) (www.atlantisbdc.com) is registered with the United States Securities & Exchange Commission as a Business Development Corporation ("BDC") and subject to the 1940 Investment Company Act. Atlantis seeks out Companies that are in their business development stage and provide management, accounting, finance, and M & A advice. Atlantis is an active investor in the Companies to which it provides its services and focuses on companies that are seeking to become publicly traded through reverse merger. A proxy was recently sent to our shareholders calling for a meeting on November 15th, 2004.
E-Direct (http://www.e-directinc.com) is a profitable multimedia marketing agency that is wholly owned subsidiary of Atlantis. E-Direct has over 220 Million opt-in emails for categories ranging from investment to travel. E-Direct presently owns and operates over 120 servers for all marketing purposes. Along with its U.S. bandwidth, E-Direct has also acquired bandwidth from various countries, making E-Direct a world-wide multimedia marketing agency.
Additional Information: Christopher Dubeau, CEO 305-937-7776
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.