RED BANK, N.J., Dec. 1, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation (OTCBB:ATBD) announced today that on November 19th a payment in the amount of $94,500.00 was made to the Internal Revenue Service on Atlantis's behalf. Atlantis's auditor, Bagel Josephs, negotiated this settlement between the IRS and ATBD (which was approved on September 6, 2004) and made the requisite payment. Having paid out this $94,500.00 to the IRS, ATBD's liabilities will reflect a reduction of $288,000.00.
"Making this payment and removing the debt from our balance sheet is a significant event," stated Christopher Dubeau, the company's CEO. "This is indicative of the new management's commitment to make Atlantis a debt free and profitable entity."
About Atlantis:
Atlantis Business Development Corporation, (ATBD) (http://www.atlantisbdc.com) is currently registered as a Business Development Corporation (BDC) and seeks out Companies that are in their business development stage and invests in these Companies. One such company is E-Direct (http://www.e-directinc.com) 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.
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. (ATBD), 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, ATBD's extremely limited operating history, uncertainties related to the Company's access to additional capital, competition and dependence on key management.