SOURCE: Prime Star Group Inc.

Prime Star Group Inc.

November 15, 2010 08:30 ET

Prime Star Group Inc. Sells 40% of Its Gourmet Fusion Seafood, Inc. Subsidiary to Isaac Capital Group LLC for Cash and Line of Credit

LAS VEGAS, NV--(Marketwire - November 15, 2010) - Prime Star Group Inc. (PINKSHEETS: PSGI) is pleased to announce that it has sold 40% of one of its wholly owned subsidiaries to Isaac Capital Group, LLC., located in San Diego, California. The 40% ownership stake was sold for cash and a line of credit for the production of its GOURMET FUSION SLIDERS™.

Roger Mohlman, Prime Star CEO, says, "We are very pleased to have this opportunity to partner with such an outstanding and successful international organization as the Isaac Capital Group, LLC. This relationship will allow our subsidiary, Gourmet Fusion Seafood, Inc., to continue its expansion with its team of nationwide distributors. PSGI will retain management of the subsidiary and Isaac Capital Group will receive substantial equity for their investments. It's a win-win situation."

Jerry Ludeman, President of the newly renamed, Gourmet Fusion Seafood, Inc., stated, "The insight and resources offered by Isaac Capital Group will really speed the manufacturing and distribution of our fabulous seafood products to a much larger demographic. We value the opportunity that Isaac Capital has given us and are thrilled about the prospects in the short and long term."

"Gourmet Fusion Seafood, Inc. markets and manufactures a line of innovative, healthy and delicious products and we are excited to become part of this family," said Jon Isaac, the President of The Isaac Capital Group LLC. "We feel the company's new name reflects an upscale, quality product that the company offers and we are pleased with the direction and potential growth of Gourmet Fusion Seafood. We are excited to be in on the ground floor of this dynamic new enterprise."

About Prime Star Group

Prime Star Group Inc. is a holding company that focuses on four areas of business: SmartPax™ Packaging, Premium Food & Beverage Products, Distribution and Risk Management. The company's operating subsidiaries produce, market, and distribute wines, tea, adult mixed beverages, flavored water, and gourmet seafood products. The company also produces co-brand and co-pack existing high-end beverages and private label liquors for large hospitality and entertainment brands. Prime Star is focused on the food and beverage, entertainment, hospitality, healthcare and disaster relief industries.

About Isaac Capital

The Isaac Organization is a leading global private investment firm with approximately $5 Billion worth of projects under management across a family of funds. Isaac invests in companies across a broad range of geographies.

Forward Looking Statements -- Safe Harbor

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Prime Star Group Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Prime Star Group Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Prime Star Group Inc.'s filings with the Securities and Exchange Commission.

Contact Information

  • Public Relations Contact:

    Constellation Asset Management, LLC
    (415)524-8500
    or on the web at www.primestargroup.net