RED BANK, N.J., Sept. 14, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation (OTCBB:ABDV) today announced that the Internal Revenue Service has accepted an Offer in Compromise for some old employer tax obligations.
"This is yet another step in a positive direction," stated John Figliolini the company's President, "Due to the uncertainty of the final amount our auditors have been requiring us to carry $290,000 liability on our balance sheet. The known payment of $94,500 improves our balance sheet by $200,000."
About Atlantis Business Development Corporation
Atlantis Business Development Corporation, (ABDV) (http://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 provides 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.
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.