DOVER, N.H., Feb, 12, 2013 /PRNewswire/ -- Racing Limos America, Inc., a subsidiary of Atlas Technology Group, Inc. (ATYG) (OTC Pink: ATYG), reviews 2012 and previews 2013.
"2012 proved to be a very difficult and challenging year for the Company," stated Atlas CEO and Racing Limos America™ President James Albion.
During the year, Racing Limos America™ had signed three franchisee "letters of intent" just to have two of them fall through and a third put on hold. In addition, the company suffered many financial struggles during the entire year.
ATYG's struggles deepened as three funding contracts with three different groups ultimately faltered. In the middle of its struggles, ATYG President Tyler Libby decided to resign for personal reasons."The Company kept hitting pot-hole after pot-hole," said Albion. "There were nights I felt like giving up the ship and asked myself, 'why am I doing this?' But I also knew that if I could remain focused and look ahead at the potential of the business and continued ahead with a positive attitude, I could eventually ride out the storm and that's exactly what seems to be happening." During the first half of Q4 2012, the Company brought a new, experienced and financially sound funding group to the table. Since the turn of the year, one of the two franchisee groups that originally withdrew their "letter of intent" is back in discussions, and the group on hold for the Miami territory is moving forward again toward a scheduled closing by or before the end of Q1 2013. "If all goes well," says Albion, "The Miami territory will be open by Memorial Day." "These first weeks of 2013 bring great promise for both Racing Limos America™ and Atlas Technology Group," Albion continued. "Over the next few months, we will complete our first phase of funding and solidify the share structure of the Company. At that time, Racing Limos America™ will be in the midst of its planned expansion."