PRRM..Strong NEWS out...Radar em..
Posted by: originunknown
In reply to: None Date:3/9/2005 4:20:56 PM
Post #of 20489
PRRM - Prime Rate Investors, Inc. Signs LOI to Acquire Skiershop Mountain Sports - [DYCFVMC]
Acquisition Expected To Add Over $1.2 Million In Revenue
Business Editors
STOWE, Vt.--(BUSINESS WIRE)--March 9, 2005--Prime Rate Investors, Inc. (OTC.PK: PRRM) announced the company signed a letter of intent to acquire Skiershop Mountain Sports, the Stowe, Vermont based retailer of skis, bikes, and outdoor gear and apparel. Its e-tail platform www.skiershop.com is featured as "Best of the Web" on Forbes.com and continues to "lead the category" according to Ski Press USA, noting that "online sales will continue to grow" as more people gain easy access to broadband internet (U.S. online sales topped $69.2 billion in 2004 and are expected to grow by 16% in 2005). "The acquisition of Skiershop Mountain Sports is a crucial part of our horizontal growth in the outdoor sports and multi-media industries, adding retail and e-tail facets of exposure and pillars of revenue," said PRRM President Dan Burgess.
"We are excited about the resources and relationships that Prime Rate Investors brings to Skiershop Mountain Sports. With its infrastructure, support and cross-marketing opportunities we will be able to maximize visibility and sales potential," said Skiershop President, Bobbie Roehm.
The deal is forecast to add more than $1.2 million in annualized revenue and to be accretive to the company's earnings, though subject to the signing of definitive agreements and customary closing conditions.
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. It offers 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.
For more information, visit the company's websites www.prrm.info, www.skiershop.com and www.bikestowe.com.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
--30--AS/bo*
CONTACT: Prime Rate Investors
Dan Burgess, 802-253-0199
prrm.us
E-mail: info@stowetv10.com
KEYWORD: VERMONT
INDUSTRY KEYWORD: ENTERTAINMENT SPORTS RETAIL MERGERS/ACQ
SOURCE: Prime Rate Investors
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