SOURCE: Prime Restaurants, Inc.

July 12, 2007 11:16 ET

Prime Restaurants, Inc. Announces Its New President & CEO and Outlines the Company's Growth Plans Going Forward

FT MYERS, FL--(Marketwire - July 12, 2007) - Prime Restaurants (PINKSHEETS: PRSU) today announced that it has named its new President & CEO and will also discuss the company's growth strategy and plans going forward.

The new President & CEO and Majority Shareholder is Mr. Cris Galo. "I would like to discuss some of the company's plans and objectives going forward, it is the intent of the company to build a multiple location restaurant operation along the eastern seaboard, thru acquisitions of existing well established locations and the construction of new locations that meets the company's criteria, while establishing a household known brand."

The company currently owns and operates The Sanibel - Palms Steakhouse in Ft Myers, Florida. That location was purchased for $ 1,800,000 and is well established for close to 10 years at the same location. The restaurant consistently generates operating revenues of between $ 1,800,000 and $ 2,100,000 per year. The facility has a full Bar/Lounge area, two banquet rooms that will accommodate all types of social gatherings and functions and will seat well over 100 in its dinning areas.

The current share structure of the company is 30,200,000 outstanding of which 24,236,802 are restricted for two years and in Mr. Galo's control, leaving 5,963,198 in the public float.

About: Prime Restaurants, Inc.

Prime Restaurants is a new 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