SOURCE: Atlantis Business Development Corp.

February 23, 2007 09:00 ET

Atlantis Business Development Corporation Inc. Announces Signing of LOI to Sell Subsidiary, EFTAS to Nettel Holdings, Inc., and Issue Stock Dividend to Shareholders Upon Transaction Closing

MIAMI, FL -- (MARKET WIRE) -- February 23, 2007 -- Atlantis Business Development Corporation, Inc. (OTCBB: ABSD) is pleased to announce that the company has executed a Letter of Intent (LOI) with Nettel Holdings, Inc. to sell the rapidly growing Atlantis wholly owned subsidiary, EFTAS Employment Program.

The letter of intent calls for Nettel to obtain a majority ownership of EFTAS in exchange for completing the design and development, as well as providing ongoing technical support for the operation of the website. The site will be a job posting website, designed for the exclusive use of military personnel in their job search, as they return to the civilian job market, in their local communities.

Under the terms of the transaction, Atlantis shareholders will receive a stock dividend of 1 share of EFTAS, for every 1 share of Atlantis stock held. This dividend represents potential added value for Atlantis shareholders, as they will continue to participate in the upside growth and success of EFTAS.

Nettel Holdings is a fast growing technology holding company, developing one-of-a-kind technology solutions, which are primarily focused on the VoIP Industry. Nettel Holdings is known for turning innovative ideas into thriving companies. A public company since 2003, it is only natural for such a forward-thinking technology innovator to want to help our soldiers.

EFTAS (Employment for the Armed Services) supports our military men and women, seeking civilian employment, as they return to their local communities at the conclusion of their military service. EFTAS, with the help of the broad community and business partner support, will make a difference for our soldiers.

Atlantis President Tim DeHerrera commented that, "We are truly glad and pleased to be able to place the future of EFTAS in the hands of such an extremely capable firm as Nettel Holdings, Inc. In addition, Atlantis is happy to be able to reward its shareholders with the potential for ongoing shareholder value, via the EFTAS stock dividend."

About Nettel Holdings, Inc:

Nettel Holdings, Inc. is a business incubator that creates small companies with a unique technology and supplies them with the necessary technical support and finances needed to grow. The Company's main revenue producing product is called Advanced Voice Order Processing (AVOP). This product provides international long distance phone companies a single point of contact. The solution creates a mechanism to negotiate and manage call termination point agreements, with local phone companies, in countries around the globe.

Part of Nettel's success is its technical support which comes from a wholly owned subsidiary in Vietnam with more than 50 engineers, called Entec Software. This offshore operation provides a tremendous competitive edge for Nettel, and each subsidiary, keeping its software development costs extremely competitive.

About EFTAS:

EFTAS (Employment for the Armed Services) is an organization (www.eftas.org) 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, and indicating a desire to attract these loyal customer bases.

About 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.

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    Atlantis Business Development Corp.
    305-446-1150