Envirotech deal signed — potential $8.5 million of additional revenues under the mentor program

Business Wire, Jan 30, 1996

LOS ANGELES--(BUSINESS WIRE)--Jan. 30, 1996--Atlantis Group Inc. (NASDAQ:ATLA), announced Tuesday that it is expanding its mentor program of acquiring interests in minority enterprises and providing management and financial services to such businesses.

Jorge H. Antico, president and CEO of Atlantis, stated that the company signed a letter of intent to acquire a 49% interest in a second minority environmental contractor, Envirotech Contractors Inc. of Coral Gables, Fla. "Envirotech, like many minority businesses, is profitable but lacks both the capital and total management to permit major expansion," noted Antico.

"With our mentor program we can provide both financing and management assistance, without interfering with the minority status of these companies, thus permitting them to realize the significant growth of which they are capable. Revenue projections for Envirotech are in the $5 million range in accordance with Lorenzo Palomares, president of Envirotech.

CONTACT: Atlantis Group Inc., Los Angeles

Jorge Antico, Presdient and CEO, 213/931-1695