SOURCE: Premier Information Management, Inc.

December 15, 2008 16:22 ET

Premier Information Management, Inc.: Bank of America $252 Million Lawsuit Moves to Federal Court

PHOENIX, AZ--(Marketwire - December 15, 2008) - Premier Information Management, Inc. (PINKSHEETS: PIFR) today announced that in an anticipated move, on December 11th 2008, Bank of America Corp. (BAC) removed Premier's lawsuit from State to Federal court.

On November 12th 2008, Premier filed suit against Bank of America for $252M in damages alleging collaboration and cooperation in the assistance of fraudulent activities that crippled and continue to critically damage the company.

Canadian authorities have already taken action in connection to Premier's lawsuit (see link*) and the company will be preparing a dossier of all investigative materials to assist the Securities and Exchange Commission in their investigation.

"We look forward to bringing to light the nationwide implications for Bank of America in relation to its provision of Medallion Signature Guarantees across the country for the past six years on a Federal platform," said Tom Miller, CEO of Premier Information Management.

"It is important the public is educated about the phenomenal size of corporate and personal losses, money laundering and other illegal activities that are possible if the Medallion Guarantee system is not properly applied. Federal court provides an ideal environment to improve awareness," said David Stothart, Corporate Consultant to Premier.

*http://www.osc.gov.on.ca/Enforcement/Proceedings/RAD/rad_20081127_globalpartners.jsp

About Premier Information Management, Inc.

Premier Information Management, Inc. provides business critical information to the global Insurance and Healthcare industries by integrating fast and efficient database driven electronic content management systems to reduce and manage costly risk. Utilizing proprietary software with specially integrated modules, Premier realizes significant increases in data-in/out-report efficiencies delivering decision-critical reports significantly faster than the industry standard. Utilizing the most secure, flexible, and cost effective means to capture, manage and transmit sensitive information, Premier's EDI solutions are the new standard in the information management industry.

For more information, including company news and investor relations information, visit the company's website at: www.premierinformationmanagement.com

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Premier's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Premier does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact Information

  • For more information contact:
    David Stothart
    (480) 626 5997
    Email Contact