SOURCE: Prime Restaurants, Inc.

December 05, 2007 09:46 ET

Prime Restaurants, Inc. Announces That It Has Completed Negotiations to Acquire a Major N.Y. - N.J. Metropolitan Restaurant Builder/Supplier

FT. MYERS, FL--(Marketwire - December 5, 2007) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it has completed negotiations to acquire a major N.Y. - N.J. Restaurant Builder/Supplier and will close by year's end.

The company is very excited about this acquisition as it will not only bring a very well established entity with significant revenue into the company, but will also enable the company to build its own restaurants at a reduced cost, thus increasing the company's ability to create more of its own locations.

"This is an acquisition that I have been pursuing for a long time as it will open a whole new world of opportunities for our company, I am delighted that we have finally been able to bring this acquisition to fruition," said Cris Galo, President & CEO.

About Prime Restaurants, Inc.

Prime Restaurants, Inc. is a Restaurant Holding Company devoted to the restaurant and food service industry, with an aggressive growth plan while continuing to build value for its shareholders. 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