RED BANK, N.J., May 12, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation, Inc. (OTCBB:ABDV) announced today it has agreed to provide $1,000,000 in equity funding to Cobra Financial Services, Inc. (Cobra). Cobra's primary focus is real estate development and residential home construction. Of the $1,000,000 Cobra will receive, approximately $640,000 will be invested into McKinney Harbor Market Village, a $120 million European Style village consisting of waterfront villas, retail, office, and multifamily, in the heart of McKinney's Stonebridge Ranch. Stonebridge Ranch, located in McKinney, Texas, is a 5000 acre master-planned community with over 20,000 residents. The community has ranked as the number one master-planned community in North Texas. The Harbor Market Village will be developed by Jeffory Blackard of Blackard Development, Inc. (www.blackard.net). The remaining funding Cobra receives will be used to fund start-up for the home building company and general corporate expenses.
About Cobra Financial Services, Inc.
Cobra Financial Services is a development stage company whose core business is to invest into revenue generating real estate, master-planned communities, and undeveloped real estate. Cobra is in the early stages of launching their home building business targeted toward homes prices in the $300,000 to over $1,000,000 price range. Over time, Cobra, anticipates acquiring up to 54% of the Harbor Market Village and heavily participating in the $120 million construction project. Cobra is a reporting public company who intends to bring their financial statements current in order to make application with the NASD to begin actively trading.
"Getting involved with Cobra early in their plans makes them a perfect candidate for our overall pre-reverse merger strategy," says John Figliolini, President of Atlantis. "We are hopeful that their participation in such a prestigious and sizable real estate project translates into significant share value once they are actively traded."
Atlantis Business Development Corporation (ABDV) (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 provide 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.