SOURCE: Prime Restaurants Inc.

December 18, 2007 07:40 ET

Prime Restaurants, Inc. Announced Today That It Has Entered Into a Binding Agreement to Acquire Baron International, a Major Restaurant Builder and Equipment Supplier

FT. MYERS, FL--(Marketwire - December 18, 2007) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it has entered into a binding agreement to acquire a Major Restaurant Builder and Equipment Supplier.

Prime Restaurants, Inc. is very pleased after several months of negotiations and a lot of give and take on both sides that an agreement could be reached, it is the intent of the company (PRSU) to build a national branded restaurant chain and know that with the experience and knowledge of Baron International and their management team this is within the realm of reality.

Baron International will be a 100% wholly owned subsidiary of PRSU with the original founders and officers of Baron remaining onboard to run the subsidiary. The acquisition is expected to be officially completed by the end of January 2008.

"PRSU is very excited about this acquisition as it will not only bring a very well established and recognized company with significant revenue into the company, but will also enable the company to build its own restaurants at a reduced cost, thus increasing the company's ability to create more of its own locations, reducing build out costs and credibility to our young company," said Mr. Cris Galo President & CEO.

Mr. Galo also stated that, "This is an acquisition that has been pursed for a long time as it will open a whole new world of opportunities for the company, I am delighted that we have finally been able to bring this acquisition to this point."

Mr. Robert Ingala stated, "The merger of these two companies has created a dream come true, while we create a first class operation building restaurants across the country utilizing our expertise and Prime Restaurants' Consumer Base and the Brand Name of PRSU we expect great results."

About Baron International:

Baron International, Inc. was founded in 1982 by Mr. Robert Ingala and Mr. Norman Kushner, since their inception the company has sold beer systems and built many restaurants and systems. Now at this point they have served major companies such as Applebee's, Pepsi, and National Amusement (Mr. Summer Redstone) amongst many other major corporations and others, they are going to move to the next level.

About Prime Restaurants, Inc.

Prime Restaurants, Inc. is a Restaurant Owner/Operator Holding Company devoted to the restaurant and food service industry, with an aggressive growth plan. The company's capitalization is presented below:

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

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