SOURCE: Prime Restaurants, Inc.

January 08, 2008 08:49 ET

Prime Restaurants, Inc. Announced Today Certain Corporate Changes to Better Reflect Its Business Going Forward in the New Year and Other Corporate Activities

FT. MYERS, FL--(Marketwire - January 8, 2008) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it will implement certain corporate changes to better reflect the direction of the company and its activities for the New Year.

The first change will be Prime Restaurants, Inc.'s name to one that will better reflect the company's business interests and activities. The new name of the company will be announced as soon as the filing with The Secretary of State is completed and then we will apply for a new trading symbol. These changes are being made to better reflect the direction of the company now that Baron International will be part of the company.

Secondly, the company expects a completed formal closing of the Baron International within two weeks as the holidays have set the scheduled closing date back. Baron International will be a 100% wholly owned subsidiary of the company.

These changes are being made with no change in the capital structure of the company.

"PRSU is very excited about these events as it believes that it will help the company in many different areas of its operations and lead to increased revenues and business while cross utilizing Barons' years of experience in the Restaurant Industry to help grow the Restaurant side of the company while maintaining their ongoing operations and revenues," said Mr. Cris Galo, President & CEO.

Mr. Galo also stated, "That instead of having to utilize outside contractors and equipment suppliers to build or service the company's restaurants, we will use the in house services of Baron at a considerable savings in cost."

About Baron International:

Baron International, Inc. a multi-million dollar a year revenue operation, was founded in 1982 by Mr. Robert Ingala and Mr. Norman Kushner. Since their inception, the company built many restaurants and has sold several beer systems and equipment. The company serves major companies such as Applebee's, Pepsi, and National Amusement (Mr. Summer Redstone, Viacom) amongst many other major corporations.

About Prime Restaurants, Inc.

Prime Restaurants, Inc. is a Restaurant Owner/Operator Holding Company devoted to the restaurant and food service industry, with an aggressive growth plan. The company's capitalization is presented below:

Authorized Common Shares: 180,000,000
Restricted Common Shares: 155,733,240
Common Shares in the Public Float: 24,266,760

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Contact Information

  • Contact:
    Prime Restaurants, Inc.
    Investor Relations
    Tel: 1-866-532-5908
    Fax: 1-239-437-5777