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Replies to post #42662 on BIH Corporation (fka BIHC)
12/14/12 3:59 PM
December 18th, 2007-- Prime Restaurants, Inc. (PINKSHEETS: PRSU) today
announced that it has entered into a binding agreement to acquire a
Major Restaurant Builder and Equipment Supplier.
Prime Restaurants, Inc. is very pleased after several months of
negotiations and a lot of give and take on both sides that an agreement
could be reached, it is the intent of the company (PRSU) to build a
national branded restaurant chain and know that with the experience and
knowledge of Baron International and their management team this is
within the realm of reality.
Baron International will be a 100% wholly owned subsidiary of PRSU with
the original founders and officers of Baron remaining onboard to run
the subsidiary. The acquisition is expected to be officially completed
by the end of January 2008.
The 2010 Combination
The government's change to taxes for income trusts, and the recent recession, encouraged us to make a change that would benefit our public unit-holders of the Prime Restaurants Royalty Income Fund. A special committee was established to examine alternatives, and, with the help of recognized experts, we decided to perform a corporate reorganization resulting in Prime - now called Prime Restaurants Inc. - being a publicly-traded company listed on the TSX (EAT) in April 2010. This resulted in the public unit holders of the Fund owning about 75% of Prime, and Prime's management owning about 25% through Prime Restaurant Holdings Inc.
