Worth reiterating:
Prime Restaurants, Inc. (PINKSHEETS: PRSU) today announced that it has entered into an agreement to acquire/establish three restaurants in the New York metropolitan area equal or better than its Flagship Ft. Meyers, Florida location.
The agreement calls for the three restaurants to be located (one each) in New York, New Jersey and Connecticut that will continue the already established brand name of The Sanibel-Palms Steakhouse and its previously announced growth plan.
The company has entered into this agreement with a prominent and established restaurant broker/dealer with the requirement of the acquisition being completed by year's end. It is the company's intent to grow the company's brand name through acquisitions and/or franchise/licensing agreements.
"It is the company's intent to establish 10 additional locations or better within the next year, the company intends to accomplish this with cash on hand and/or debt financing, this decision has been made so as not to dilute the share price of the company's securities. I as the CEO of the company believe that my business plan going forward will reward the shareholders along with myself at day's end," said Mr. Galo President and CEO of the company.
Mr. Galo also stated, "That it is still vigorously negotiating the acquisition of a multi-million dollar previously announced acquisition of a major supplier of restaurant equipment and builder of restaurants and expects the deal to be executed shortly, as it has taken longer than expected, I am confident that it will become reality."
