SOURCE: Atlantis Business Development Corp

February 27, 2007 10:00 ET

Atlantis Business Development Corporation, Inc. Announces the Resignation and Departure of Its CEO, as Planned and Previously Announced

MIAMI, FL -- (MARKET WIRE) -- February 27, 2007 -- Atlantis Business Development Corporation, Inc. (OTCBB: ABSD), and its wholly owned subsidiary EFTAS, today announced that its CEO, Christopher M. Dubeau, resigned effective February 26, 2007, from his positions as CEO for both companies.

Since first announcing his decision to depart Jan 26, 2007, Chris Dubeau has worked with the board of directors over the last thirty days for a smooth and seamless transition. During this period, he was successful in placing the Atlantis subsidiary EFTAS, under a sale Letter of Intent. This agreement is to transition the majority interest in the subsidiary to Nettel Holdings, Inc., resulting in a stock dividend to Atlantis shareholders.

One of Mr. Dubeau's signature achievements was the very successful development of the Atlantis wholly owned subsidiary, EFTAS which was his vision and dream. During his tenure, he took the business from concept to artful execution, ultimately leading to the Letter of Intent.

In accepting his resignation, President and Director Mr. Tim DeHerrera stated, "I thank Chris for all his efforts in this transition period to assure his brainchild EFTAS will be placed in good hands and can move to the next level. The success of EFTAS will translate to shareholder value, while playing a vital role to helping our military personnel achieve their personal career goals at the completion of their service to our country."

About EFTAS:

EFTAS (Employment for the Armed Services, www.eftas.org) is an organization dedicated to helping active duty military personnel find employment, prior to and on the heels of their return home from active duty. The site will be useful for all Veterans, as well. EFTAS is in the planning stages of developing its unique website that will provide the functionality of the leading electronic job posting websites, such as www.hotjobs.com, but for military personnel only.

In addition, EFTAS, a wholly owned subsidiary of Atlantis, is in the process of exploring other avenues for supporting the employment needs of our returning military personnel, such as collaborating with career fair operators, job training organizations, direct hiring employers, and executive search firms.

In sponsoring and supporting EFTAS, organizations and companies can gain a valued and focused benefit. Involvement with EFTAS can position a firm as a leader in Local Community support and involvement, Military, and Military Veteran issues, indicating a desire to attract these loyal customer bases.

About Atlantis Business Development:

Atlantis Business Development Corporation Inc. (OTCBB: ABSD)

The Company (http://www.atlantisbdc.com) has elected to be regulated as a business development company in accordance with the provisions of the Investment Company Act of 1940, as amended. The business development company form of business is a vehicle established by Congress to allow smaller, retail investors to participate in and benefit from investing in small private businesses as well as the revitalization of larger private companies. As a business development company, ABSD is engaged in providing debt and equity financing to public and private companies. In addition, we provide access to private equity funds, for working capital, acquisitions, management buyouts, projects and special situations. ABSD offers its clients a "one-stop shop" of equity and senior, subordinated, structured and mezzanine debt to realize their business development objectives.

ABSD plans to achieve the level of success and implement a growth strategy similar to other established business development companies, such as American Capital Strategies, Ltd., on the NASDAQ, a publicly traded business development company with capital resources of approximately $8.4 billion (http://www.americancapital.com).

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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. (ABSD), 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, ABSD's extremely limited operating history. Further, there are uncertainties that exist related to the Company's access to additional capital, competition, and dependence on key management.

Contact Information

  • Contact:
    Additional Information:
    Atlantis Business Development Corp.
    305.466.1511