RED BANK, N.J., May 18, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation, Inc. (OTCBB:ABDV) announced today it has entered into a Letter of Intent to acquire 100% of E-Direct, Inc., a multimedia marketing agency that specializes in (VOIP) opt-in fax broadcasting and opt-in emailing. At the Closing of this transaction, E-Direct will operate as a wholly owned subsidiary and have approximate assets of $3.5 million with anticipated quarterly revenue of over $450,000. Terms of the transaction include purchasing 100% of the equity of E-Direct, Inc. in exchange for 19 million shares of Atlantis and $250,000 cash.
C Michael Dubeau, E-Direct's President, stated, "We are one of only six major fax broadcasters in the U.S. and Canada. Our advantage over the competition is that we fax broadcast utilizing Voice Over Internet Protocol (VOIP) which is less costly and finer quality than the traditional analog method. Using the latest technology allows us to increase profit margins and manage massive data lists. Our database consists of over 8 million opt-in fax numbers and 220 million opt-in emails that come from info USA, Dunn and Bradstreet, and other various smaller sources. Our partnership with Atlantis should increase revenues over the next several quarters with an enhanced bottom line."
"There is no other public company operating within this space with the depth of business model and the in-house resources of Atlantis. Investors seeking to participate in this innovative and explosive growth area will have to look favorably at the value proposition offered as a shareholder in ABDV," stated John Figliolini, ABDV's President and Chief Executive Officer. He continued to say: "This acquisition not only complements the full suite of services which ABDV provides its portfolio Companies, but it also provides a very significant revenue and income stream to ABDV, while substantially boosting its asset base."
About E-Direct Inc.
E-Direct has over 220 million opt-in emails from categories that range from investing to travel. E-Direct presently owns and operates over 120 servers for all marketing purposes. Along with its U.S. bandwidth, E-Direct has also acquired bandwidth from various countries, making E-Direct a worldwide multimedia marketing agency.
About Atlantis Business Development Corporation:
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.