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Prime Companies Announces New
Management Team, New Business Strategies, New Headquarters
ANTHEM, Ariz., Aug. 12 -- Prime Companies,
Inc. (Pink Sheets: PRMC) today announced that the Company has been restructured,
with new management, a new headquarters, new products and an updated marketing
strategy.
The changes include naming P. Chris Theotocatos, a veteran executive with
significant management experience at IBM, as CEO, and Joy Lovell, also a former
IBM executive, as the Company's new Program Manager, Marketing.
The Company has been relocated to Anthem, Arizona, near Phoenix. The Company's
legacy telecommunications business in California, which was operated by its Nacc-Tel
subsidiary, has been sold to Norbert J. Lima, the former CEO. The Company's new
web site is currently being updated.
The Company also announced that it is in the process of court-approved financial
restructuring. "Our shareholders' equity will be positive going forward, with
court approval of our plans," said Stephen Goodman, CFO. "The financial
restructuring is in its final stages and is anticipated to be completed in early
September. We have filed a Form 8-K with the U.S. Securities and Exchange
Commission which updates the Company's financial situation and other data."
"We will be announcing shortly our new services in the dental sector, and our
marketing strategies. We are pleased to announce that OPK Telemarketing
Services, Littleton, Colorado, with experienced marketing team, will launch our
campaign. We also are pleased to announce that we have retained E & E
Communications, Laguna Hills, California, to assist with our public and investor
relations. E & E, and its Principal, Paul Knopick, has a long record of success
in assisting micro cap companies with their communications and investor
programs," said Mr. Theotocatos.
Forward-Looking Statements
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.
Paul Knopick
E & E Communications
(949) 707-5365
pknopick@eandecommunications.com
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