SOURCE: Prime Restaurants, Inc.

October 31, 2007 09:03 ET

Prime Restaurants, Inc. Reiterates the Company's Share Structure and Policy for Capitalization Going Forward

FT. MYERS, FL--(Marketwire - October 31, 2007) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today reiterated per shareholders' request the company's share structure and capitalization plans going forward.

The current share structure is the same as previously announced and has not changed and the company does not intend to change the current structure.

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

"The company has also been asked by shareholders about a possible reverse split of the company's shares; absolutely not, we are here to build a company both asset wise and equity wise and I am totally committed to the least amount of free trading shares in the public float so as our company grows so will our price per share," Said Mr. Galo President & CEO.

Mr. Galo also stated, "The only way that I might consider the issuance of any additional shares would be for an acquisition that I felt would benefit the company's growth and bottom line, and if that decision was made we would announce it. Any shares issued for acquisitions would be restricted for a period of two years as that is the only way that I would consider any increase in the share structure. I appreciate all the calls from the shareholders and if they are not returned within a day or so I apologize. They will however be returned as soon as possible. I hope this answers the shareholders' questions regarding the company's capitalization and thank you for your support."

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