Wrong. Please read very closely, PRSU does not own the restaurant, The Sanibel Restaurant Group does. PRSU claims to own The Sanibel Restaurant Group. If PRSU owned the restaurant outright, it wouldn't look so much like a Hayter shell game. Another thing that would make it look less like a Hayter shell game is if it didn't sell off into every single PR.
Thursday , August 02, 2007 09:09ET
FT. MYERS, FL -- (MARKET WIRE) -- 08/02/07 -- Prime Restaurants, Inc. (PINKSHEETS: PRSU), today will address certain shareholder questions and comments regarding its recently announced 3 for 1 stock dividend along with other company issues.
Regarding the stock dividend this is a dividend and not a forward split applicable and payable only to common shareholders of record on August 15, 2007 and payable in unrestricted free trading common shares on August 29, 2007. This dividend will be paid only to the public shareholders of record and will not be paid to any holders of restricted shares, including management.
The company has received inquiries regarding the percentage of ownership in its restaurant and as to the principles of the company and the possibility of an increase in the company's authorized shares.
1) Prime Restaurants, Inc. (PRSU) owns 100% of The Sanibel Restaurant Group, Inc. this corporation owns and operates the Sanibel - Palms Steakhouse (www.thesanibelpalmssteakhouse.com) in Ft. Myers, Florida. As previously announced it was purchased for $1,800,000 and generates between $1,750,000 to $2,100,000 plus per year in revenues and has been in the same location and in business for the last 10 years.
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