SOURCE: Prime Restaurants, Inc.

August 15, 2007 09:49 ET

Prime Restaurants, Inc. President & CEO Announced That It Has Retained Special Counsel to Investigate a Certain Person or Group of Persons Who Utilize Internet Message Boards to Intentionally Slander and Libel the Company

FT. MYERS, FL--(Marketwire - August 15, 2007) - Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it has been brought to the attention of the President & CEO Mr. Galo and (sole majority shareholder) that certain individuals or groups of individuals are intentionally utilizing message boards on the internet to slander and libel the company, the company has now under these circumstances retained special counsel to investigate this situation.

The company intends to prosecute any and all persons involved, as it is the obligation and fiduciary responsibility to protect the interest of its shareholders. Counsel has advised the company that in the coming weeks it will be filing certain subpoenas requesting information from these internet forums to determine the identities and IP addresses of those involved, and taking appropriate action in a court of law, and requesting cease and desist orders against those involved, with lawsuits being filed against those identified.

"The Shareholders and its CEO have invested a lot of start up capital in this company and intend to do whatever is necessary to protect that investment on behalf of all its shareholders," said Cris Galo, President & CEO.

Mr. Galo also stated that he recognizes "The company is non reporting and that leaves some investors or potential investors with many questions. I respect that the company is working hard to present as much information and clarification of information as possible. Regardless the company will take whatever steps are necessary to protect their interest and the shareholders' interest without any hesitation using its rights under the law to the fullest extent."

About: Prime Restaurants, Inc.

Prime Restaurants is a 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