***PRIM Due Diligence and Prior Results***
Before buying PRIM, I urge you to look thoroughly into the below info. My reason for posting this is simple: I got burned, and this is a small way to make it slightly more difficult for PRIM to continue dumping shares on the market to unsuspecting investors as it intends to do.
PRIM’s CEO Tom Aliprandi presents himself very well to shareholders, and many are true believers in him, but he is either grossly incompetent or a scam artist, or both.
The Briza news May 5 not only shows a blatant lack of business judgment in the original Briza arrangement/purchase, but more disturbingly is a continuation of releasing extremely optimistic information with total disregard for its reliability (just one example: see 3/25/04 PR with projected $3 million Briza revenues).
The Briza failure continues a pattern over many years. Here is a partial list of failed PRIM businesses that were the subject of multiple optimistic PRs including revenue projections:
Navilor
GolfAgent
JustGiftIdeas
bCard
Uniquest Communications
Timemarker
Briza
O/S was ~16 million shares in January 2001, and 1.1 billion as of May 2004 and growing. Tom as recently as April 2004 mentioned a share buyback as possibly coming soon - while in fact dumping millions of new shares on the market. There have been repeated assurances of attaining full filing status, and of a share buyback, dating at least back to 2002.
There has been no information released regarding specifics nature of the joint venture with Target (for example, how much of Target’s revenues go to PRIM), nor of the profitability of Target (only gross revenue numbers).
PRIM’s history shows the same pattern we see in 2004: multiple businesses, first touted as being significant winners, later disappearing altogether. The reality is that *not one PRIM venture has been successful*.
All of this, and a current market cap of over $3 million, means there is a long way for PRIM to fall and little to no upside.
***PRIM History****
Prior letters and PRs promising success, full filing status, etc. include:
4/10/03 PR:
PrimeHoldings' Board of Directors approved the repurchase of up to 100 million shares of its common stock.
12/30/02 PR:
UniQuest Communications and H20 Media have commenced ramping up its sales and marketing efforts for Z-Tel's products in California, Florida, and Georgia. Over the next year, UniQuest Communications is expected to expand its marketing initiatives into eleven more states…
10/7/02 Letter from CEO Tom Aliprandi:
“During the last three weeks we have made measurable progress towards obtaining full-reporting status and being re-listed on the NASDAQ BBX exchange.”
“Already in motion is the plan to develop an existing full-reporting entity from which PrimeHoldings.com shareholders would receive proportionate dividends.”
9/9/02 Letter from CEO Tom Aliprandi:
“Based on information which we now have, we believe that PrimeHoldings.com will be self-sustaining, even after the first month of new telecom sales during the month of September. In the meantime, we will make substantial progress towards obtaining full reporting status.”
7/23/02 Letter from CEO Tom Aliprandi:
“bCard 2001 un-audited financials showed over $1.8 million in revenues. With the existing targets and new business opportunities, we can expand our revenue base to historical levels. After debt restructuring is complete, we can possibly see an earnings per share in the near-term.”
7/15/02 PR:
PrimeHoldings.com…announced today that it has engaged the services of a Salt Lake City securities law firm to prepare the company's Form 10-SB registration statement.
"The filing of the Form 10-SB will expedite our Company's ability to list on the OTC Bulletin Board," said Thomas Aliprandi, CEO of PrimeHoldings. "Once we are fully reporting, we will resume our aggressive expansion plans."
6/3/02 PR:
bCard, Inc., a subsidiary of PrimeHoldings.com, Inc., today announced that it is rolling out a new suite of event management services that strengthens its position as a leading smart card information provider.
…said Thomas Aliprandi, CEO of PrimeHoldings.com. "Naturally, these research and development efforts improve bCard's leadership position in the marketplace and inevitably enhance shareholder value."
5/22/02 PR:
PrimeHoldings.com…has partnered with Global Investor Solutions to enhance company awareness in the investment community.
"After careful analysis of PrimeHoldings' operations, we believe that the Company's restructuring efforts to cut costs and to focus on its most viable subsidiaries have begun to pay off," said Mark Rauseo, President & CEO of Global Investor Solutions. "We are confident that the investment community will be receptive to the fact that bCard.net and TimeMarker operations are well-positioned to generate significant revenues."
AI
