SOURCE: Atlantis Business Development Corp

November 08, 2006 16:00 ET

Atlantis Business Development Corporation, Inc. Rescinds Letter of Intent With First Global Xchange Corporation, and Its Advisory and Consulting Agreement With Veritas of China, LLC

MIAMI, FL -- (MARKET WIRE) -- November 8, 2006 -- Atlantis Business Development Corporation, Inc. (OTCBB: ABSD) announced today that it has rescinded its previously announced Letter of Intent (LOI) with First Global Xchange Corporation and its Advisory and Consulting Agreement with Veritas of China, LLC.

The Company believes that it is in the best interest of its shareholders not to proceed with First Global Xchange or Veritas of China, LLC, at this time. The Board of Directors and CEO feel that it will be better for Atlantis to put 100% of its efforts into its new wholly owned subsidiary, EFTAS (Employment for the Armed Services) and www.eftas.org. EFTAS and EFTAS.org are actively recruiting family and community-focused employers nationwide to take part in its patriotic service program for returning troops. The response to date has been overwhelming.

Atlantis CEO Chris Dubeau noted that "Atlantis has been moving forward very rapidly with its business unit EFTAS, and has received broad support from community-focused businesses eager to participate in this worthwhile program."

EFTAS is developing a website that provides the functionality of the leading electronic job posting websites, such as www.hotjobs.com, but for military personnel only. In addition, Atlantis is in the process of exploring other effective avenues for supporting the employment needs of our returning military personnel, such as collaborating with career fair operators, job training organizations, direct hire firms, and executive search firms.

Thousands of military personnel are stationed across the globe fighting for our country. Many of these brave patriots come home to find themselves without jobs. Atlantis CEO Chris Dubeau commented further that "We feel EFTAS can help make a difference -- giving military personnel an opportunity to interact with potential employers."

About Atlantis Business Development:

Atlantis Business Development Corporation (ABSD) (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, as well as 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 a level of success and implement a growth strategy similar to other established business development companies, such as American Capital Strategies, Ltd, listed 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, uncertainties related to the Company's access to additional capital, competition and dependence on key management.

Contact Information

  • Additional Information:
    Christopher Dubeau
    CEO
    305-677-3111