RED BANK, N.J., Aug. 12, 2004 (PRIMEZONE) -- Atlantis Business Development Corporation (OTCBB:ABDV), a business development company that invests in privately held companies, today reported its financial results for the first quarter ended June 30, 2004.
First-quarter revenue from consolidated operations increased to $127,993 compared with zero revenue for the same quarter of 2003. First-quarter net loss from consolidated operations was $608,000, or $0.01 per diluted share, compared with a net loss of $45,000, or $0.001 per diluted share, for the same period a year earlier. The increase in operating loss was attributable to the one-time, non-cash charges associated the acquisition of E-Direct and the non-cash payment of directors and consulting fees.
E-Direct business revenue for the first quarter of 2004 was $127,993 showing net revenue from this subsidiary was $111,493.
"The strong e-Direct revenue, combined with robust margins, helped drive a profitable quarter for the E-Direct subsidiary," commented E-Direct CEO Michael C Dubeau.
1Q2004 Business Highlights
- Acquired certain assets and data base used in the opt-in fax broadcasting and opt-in e-mailing business as well as 100% of the common stock of a business called E-Direct, Inc. for $3,780,000 in cash and stock. These assets and the database are owned and operated by E-Direct, Inc., a 100% wholly owned subsidiary of Atlantis.
- E-Direct booked $115,000 in revenues in its first 2 weeks of full operations, putting it well ahead of its forecast for the quarter.
Business Outlook
The following statements are based on Atlantis's current expectations. These statements are forward-looking, and actual results may differ materially from those set forth in these statements. Atlantis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
- Revenue for the second quarter ending September 30, 2004 is currently anticipated to be between $450,000 and $600,000 based on the first two full weeks of operation since closing the acquisition.'
Cautionary Statements
Except for historical information, this press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They may 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, and the risk factors listed from time to time in Atlantis's SEC reports, including but not limited to the Annual Report on Form 10-K for the year ended March 30, 2004. 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.
All forward-looking statements included in this release are based upon information available to Atlantis as of the date of this release, which may change. Atlantis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
You can obtain copies of Atlantis's Forms 10-K, 10-Q, 8-K, and any other documents filed with the SEC at no charge at the SEC's website (www.sec.gov), from commercial document retrieval services, or from the company.
The financial information in this press release and the attached financial statements are unaudited and have been prepared from the books and records of the company with the omission of certain information and disclosures normally included in financial statements.
About Atlantis Business Development Corporation
Atlantis Business Development Corporation, (ABDV) (http://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 provides 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.