SOURCE: Prime Multimedia

December 13, 2007 13:52 ET

Prime Multimedia (PRMX) Announces Settlement of Litigation

ENCINITAS, CA--(Marketwire - December 13, 2007) - Prime Multimedia, Inc. (PINKSHEETS: PRMX), "PRIME," company of Romen Mpire Records, Inc., announced today that a settlement has been reached with a former Chairman and a former investor, ending an ongoing litigation between the parties and the Company.

The Board of Directors of Prime Multimedia, Inc. has appointed Susan Donohue as new Chairman of the Board of PRIME, effective immediately. Bradley G. Mooney has announced his resignation as President, CEO, Director and Chairman of the Board and also the resignation of Romeo Antonio as Director of the Company. A new board of directors and a new direction for the Company will be announced within the next few weeks.

Forward-Looking Statements:

This news release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ materially from those indicated by these statements as a result of various important factors including, but not limited to, the possibility that Prime Multimedia's revenues may not grow as anticipated. Such forward-looking statements speak only as of the date of this release. The Company is under no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Yes International
    757-306-6090