SOURCE: Prime Restaurants, Inc.

October 02, 2007 09:05 ET

Prime Restaurants, Inc. Announces the Company's Progress and Achievements to Date

FT. MYERS, FL--(Marketwire - October 2, 2007) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that its 4 for 1 share dividend distribution is underway and will be completed by the end of the week per the company's transfer agent and NASDAQ.

The company apologizes for the delay and any inconvenience this may have caused any of our shareholders; the problem was caused by a discrepancy in dated material between NASDAQ and the company's attorney's.

The company has entered into several verbal and written acquisition agreements for all of its previously announced acquisitions, as in many business deals certain legalitys are hampering the closing of these deals, per the company's attorneys the company is confident that these acquisitions will close and become reality.

"I am confident that all of the pending acquisitions will come to fruition, resulting in several million dollars in additional revenues. As in any endeavor nothing goes according to plan, regardless, the company is standing firm in its growth plan and is confident that the previously announced acquisitions will become reality," said Cris Galo, President & CEO.

Mr. Galo also stated, "The Ft. Myers restaurant continues to perform better than expected in a weak off season market and we look forward to a great and prosperous winter season at that location."

About Prime Restaurants, Inc.:

Prime Restaurants is a start-up restaurant holding company with an eye towards rapid expansion and revenue growth within the next 12 to 24 months. The company will focus only on major well-populated areas such as New York, Connecticut, New Jersey, Florida, Pennsylvania and North and South Carolina with locations that will generate a minimum of $2,000,000 per year at each location.

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