PRSU NEWS: Prime Restaurants, Inc. Has Entered Into an Agreement to Acquire Two Restaurants in the Metropolitan New York Area
Jul 25, 2007 9:20:00 AM
FT. MYERS, FL -- (MARKET WIRE) -- 07/25/07 -- Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it has entered into an agreement to acquire two metropolitan New York area restaurants.
The company is releasing this information to inform its shareholders as to the progress of its previously announced growth strategy. The restaurants to be acquired meet the company's acquisition criteria, as previously stated "the company will not" acquire any properties without proven gross revenues of $2,000,000 million dollars or more per location.
The company will release further detailed information regarding this acquisition upon the completion of its due diligence; this is per a seller/buyer mutually agreed upon confidentiality agreement currently in place.
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.
The current share structure of the company is 30,200,000 outstanding of which 24,236,802 are restricted for two years and in management's control, leaving 5,963,198 in the public float.
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:
Prime Restaurants, Inc.
Investor Relations
Tel: 1-866-532-5908
Fax: 1-239-437-5777
