- Agrees to Major Debt Settlement -
ANTHEM, Ariz., Nov. 11 /PRNewswire-FirstCall/ -- Prime Companies, Inc. (Pink Sheets: PRMC) today announced its new consumer dental service software is now scheduled for launch by the end of 2008. P. Chris Theotocatos, CEO, said the "new software will allow consumers to search for the dentist of their choice, who meets their needs anywhere in the United States."
"We anticipate revenues to begin to be generated by our new service soon after launching the service," said Stephen Goodman, CFO. "We are initially offering the service in the Phoenix area, with a staged nationwide rollout to follow as soon as the Arizona program is complete."
Mr. Goodman also announced that the District Court of Dallas County, Texas, has approved the settlement of $3.4 million in debt for 85 million shares to be issued to the creditors, including Fuselier Holding, LLC, Richardson, Texas, the Company's largest creditor. "Prime Companies debt is now reduced to less than $400,000, enabling us to move forward with a much stronger balance sheet (unaudited)," Mr. Goodman said.
Prime Companies recently announced a new management team and relocation near Phoenix. Additional information is available at the Company's web site at http://www.primecompanies.com. The Company also said it is preparing for an audit of its financials for the years 2007 and 2008, and anticipates this being concluded by the end of January 2009.
Statements in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties, including
the failure to complete successfully the development of new or enhanced
products, the Company's future capital needs, the lack of market demand for
any new or enhanced products the Company may develop, any actions by the
Company's partners that may be adverse to the Company, the success of
competitive products, other economic factors affecting the Company and its
markets, seasonal changes, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange Commission. The
actual results may differ materially from those contained in this press
release. The Company disclaims any obligation to update any statements in
this press release.
CONTACT: Prime Companies, Inc.
E & E Communications
|SOURCE Prime Companies, Inc.|
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