news- Prime Rate Investors, Inc. Clarifies Letter of Intent to Acquire Stockli U.S.A.
STOWE, Vt., Feb 1, 2005 (BUSINESS WIRE) --
Prime Rate Investors, Inc. (OTC.PK: PRRM) management released a statement today expounding upon a press release issued January 31, 2005 stating that the company has signed a letter of intent to acquire a majority interest in Stockli USA, LTD., the Denver, Colorado based distributor of Stockli skis, bikes and sportswear. Stockli is based in Wolhusen, Switzerland, where its high performance line of skis and bicycles are hand made. Stockli USA is the exclusive distributor of Stockli skis, bikes and sportswear in the U.S.
"We want to emphasize that we have signed a letter of intent for a majority ownership in Stockli USA, making Stockli USA a majority owned subsidiary of Prime Rate Investors," iterated PRRM President and CEO Dan Burgess. "The acquisition of this interest in Stockli USA is perfectly in line with our vision of horizontal growth throughout the outdoor sports industry," he concluded.
Stockli USA President Nicholas Sprung enthused, "I am very excited about the resources that Prime Rate Investors brings to Stockli USA. We will finally be able to capitalize upon the demand in the U.S. for Stockli."
Prime Rate Investors (OTC.PK: PRRM) is a multi-media holding company with interests in outdoor sports, e-tail, retail, print, web, television and film. The company's strategic relationships with multi-faceted, outdoor sports entities allow it to offer diverse advertising solutions to businesses seeking multi-media exposure. Its wholly owned subsidiaries include Stowe TV-10, and Adirondack TV-33, RSN affiliated cable broadcast companies and High Angle Media, Inc., a video production company whose series "Backcountry TV" airs on the New England Sports Network.
For more information, visit the company's
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