ATNG Signs Letter of Intent
Business Editors
FENTON, Mich.--(BUSINESS WIRE)--ATNG--
ATNG, Inc. (OTCBB:ATNG) announced today that it has
signed a letter of intent (LOI) for a strategic alliance and
acquisition of 1st US Holdings and 1st US Insurance.
The "Strategic Alliance" documents are being drawn up according to
the LOI and should be effective by 12/07/2003. A funding commitment of
$150,000,000 has been received from R3X.Net, Inc. of Ann Arbor, MI.
The closing date for the required funding is anticipated before or
during the 1st quarter of 2004. Once 1st US is profitable and ATNG's
legal situation is managed the acquisition will be completed. Although
we have a funding commitment from R3X.Net, Inc., ATNG, Inc. cannot
guarantee receipt of funds.
According to 1st US CEO, Mr. Matthew Jennings, "The Company is in
the development stage but should achieve profitability soon after
licenses are transferred in. Once funding is secured we can proceed
rapidly to be fully operational. We have tentative commitments for
over $22,000,000 in premiums and are focused on completing these and
other transactions."
1st U.S. Insurance Corporation has initiated a consolidated
roll-up plan calculated to capture several non-operating insurance
company shells with aggregate insurance licensure in approximately 40
states. 1st US Insurance has recently reached agreement with R3X.Net,
Inc. of Ann Arbor, Michigan to provide up to $150 million over 12
months to complete the roll-up and fund operations in the pre-revenue
stage.
ABOUT ATNG
ATNG has several strategic alliances and acquisitions of
profitable or soon to be profitable companies in the works. Our new
web site will soon provide a communication link to those interested in
our progress. We are acquiring media for advertising our products. Web
site: www.atnginfo.com Contact information: Tel. 810-714-2978
patho@chartermi.net. (We have changed our website host to improve site
performance. It will be re-propagating over the next 48 hours. Sorry
for the inconvenience.)
Source: ATNG, Inc.
ABOUT R3X.NET, INC.
R3X.Net, Inc., of Ann Arbor, Michigan has developed the "richest
value proposition in business history" by blending aggressive value
creation protocols with innovative risk attenuation mechanisms in a
portfolio of designer economic technologies that are applied in
start-up and turnaround venues. The R3X modus operandi is to lead a
client firm out of its conventional business model into a radically
re-conceptualized digital age model that reliably delivers achievement
of competitive advantage in the client's market space.
R3X is the first to introduce an Investor Protector Program
designed to insure the venture capitalist's investment in a client
firm, the first to introduce a Business Failure Insurance product
designed to insulate the shareholders from economic failure of the
firm; the first to introduce a Decision Accounting Operating System
(DAOS) to enhance fiduciary performance to an optimal level and
protect directors and officers and shareholders from the consequences
of poor decisions, bad judgment and self-serving preferences.
www.r3x.net
Source: R3X.Net, Inc.
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under the
Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act
of 1934 and are subject to the safe harbor created by those rules. All
statements, other than statements of fact, included in this release,
including, without limitation, statements regarding potential future
plans and objectives of the company, are forward-looking statements
that involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such
statements.
KEYWORD: MICHIGAN
INDUSTRY KEYWORD: INSURANCE BANKING MERGERS/ACQ
SOURCE: ATNG, Inc.
CONTACT INFORMATION:
ATNG, Inc.
Robert Simpson, 810-714-2978
patho@chartermi.net
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