SOURCE: Atlas Capital Holdings, Inc.

October 06, 2011 10:22 ET

Atlas Capital Holdings, Inc. Acquires Textraw, Inc. as a New Wholly-Owned Subsidiary

BOCA RATON, FL--(Marketwire - Oct 6, 2011) - Atlas Capital Holdings Inc. (OTCQB: ALCL) (OTCBB: ALCL) (the "Company") announced today that it has acquired 100% of the outstanding shares of Textraw, Inc. (Textraw), a Georgia corporation that engineers and distributes an environmentally-friendly "green" synthetic ground cover manufactured from recycled materials, in exchange for $2,000,000 in warrants that have an exercise price of $0.25. Upon exercise the warrants may be converted into restricted common stock of Atlas.

Under their agreement, Atlas will also provide Textraw's management certain incentive compensation if revenue deliverables are achieved. With this acquisition, Textraw becomes a wholly owned subsidiary of Atlas Capital Holdings.

"We are pleased to announce this acquisition. Textraw represents a proven patented 'green' product that is in demand from large landscaping companies and retail establishments nationwide. We have accelerated revenue projections based on satisfied return customers as well as new large-scale companies requesting Textraw's product that we will be able to service within the next 60 days," stated Christopher Davies, CEO of Atlas Capital Holdings.

"We have been searching for the right partner to help us capitalize on our Textraw product line. We believe that with Atlas' vision, commitment and the ability to execute, that we will dominate the market and surpass our revenue goals," stated David Carvin, CEO of Textraw, Inc.

The Company initially announced its GreenTech business strategy to acquire and or invest in companies that are providing green products and services, clean energy solutions or related technology in August of this year. Since then, the Company has invested in a new indoor algae production pilot facility under its wholly-owned subsidiary, AlgaeTek, Systems and has acquired Textraw. "We have a commitment to our shareholders to implement our business strategy and drive shareholder value. We are currently conducting due diligence on several other opportunities in this forward-thinking market and are planning additional acquisitions this year," stated Christopher Davies.

About Textraw, Inc.
Textraw is a manufacturer and distributor of synthetic pine straw made from recycled materials. The product was idealized in 2000 as a way to recreate pine straw while making use of unrecyclable materials. After 3 years of consistent research and development, the company patented its process and began generating revenue in 2003. Textraw is a sterile, eco-friendly, and long-lasting replacement ground cover that does not fade, crumble, or attract insects.

About Atlas Capital Holdings, Inc.
Atlas Capital Holdings, Inc. was incorporated in the State of Nevada on September 13, 2006. The Company was formerly known as Micro Mammoth Solutions, Inc. and operated as such until January 25, 2010. On January 26, 2010, the Board of Directors of the Company approved a Stock Purchase Agreement between the Company and all of the shareholders of Atlas Capital Partners, LLC. Following the acquisition of Atlas Capital Partners the shareholders approved an amendment to the Company's Articles of Incorporation changing the Company's name from Micro Mammoth Solutions, Inc. to Atlas Capital Holdings, Inc.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that could cause future results to differ materially from the forward-looking statements. You should consider these factors in evaluating the statements herein, and not rely on such statements. The forward-looking statements in this release are made as of the date hereof and Atlas Capital Holdings, Inc. undertakes no obligation to update such statements.

Contact Information

  • CONTACT:
    Atlas Capital Holdings, Inc.
    Christopher Davies
    561-488-7623