SOURCE: Premier Information Management, Inc.

Premier Information Management, Inc.

April 22, 2009 15:57 ET

Premier Information Management, Inc.: Bank of America's Motion to Dismiss $252M Lawsuit Denied

PHOENIX, AZ--(Marketwire - April 22, 2009) - Premier Information Management, Inc. (PINKSHEETS: PIFR) is pleased to announce that a federal district judge will allow it to continue in its efforts to show that Bank of America breached STAMP procedures and participated in the fraudulent dumping of its shares which caused an estimated damage of 85 million dollars

On April 20th, 2009 the Arizona federal court accepted procedural arguments by Bank of America on several claims but upheld the right of Premier to continue with its claims of Breach of Contract and Aiding and Abetting Fraud. In addition the court denied Bank of America's pre-emption argument which may allow Premier to submit an amended complaint to the court encompassing previously unlisted claims.

"This is a positive step for the company and we look forward to a jury examining the facts of our claim in the near future," said Tom Miller, CEO of Premier.

"We are pleased that Premier can now conduct discovery and obtain the very documents which will reveal Bank of America's breach of its STAMP obligations and participation in the fraudulent stock transactions. It is our hope that Bank of America will compensate Premier for its damages. It is also our earnest desire that all banks will strictly comply with STAMP procedures which are designed to protect the investing public," said David Stothart of Premier.

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:

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.