Prime Star Group, Inc. (OTCBB:PSGI) announces that its President
Edward Braniff has issued a letter to shareholders to provide more
clarity over the Company's business operations and plans.
Dear Shareholder:
I have been with Prime Star Group Inc. for 75 days and I wanted
to take a few minutes to discuss the Company's operations and
development plans. Several of you have reached out to me since I
accepted the position as President of Prime Star Group and asked me
about my background so I would like to start there. My career has
focused on building, restructuring or turning around operations and
organizations. I was notably employed by AT&T for 27 years that
included CFO of AT&T's International and Operational
Divisions.
I have spent a great deal of time with Roger Mohlman and other
key members of the organization reviewing Prime Star Group's
litigation record, regulatory/ financial position and the business
opportunities, technology, brand/product mix. I'm hopeful
that this letter will answer some of your questions and provide a
good overview of the status of our activities.
Litigation
Prime Star Group has been involved in a series of complex and
extended litigations over the last five years and we are happy to
report that we were successful in reaching positive decisions in
all of them. I will say that they have consumed a great deal of
management's time, consumed a large percentage of our available
funds and delayed the deployment of the businesses. While the
decisions have been rendered in Prime Star Group's Inc favor, we
are planning for an additional effort to collect any judgments
awarded. Most importantly, management is now focused on deploying
its businesses.
Regulatory/Financial
Prime Star Group Inc. intends to be a fully compliant Bulletin
Board company in 2011. In order to help ensure that we have
no issues, I have asked for changes in the bookkeeping, accounting
and auditing support for Prime Star Group, Inc. Our new accounting
partner is reviewing and booking every transaction for the last two
years. We also plan to file our 2011 first quarter and be
compliant on with all our filings by the time we file our
2011 second quarter filing.
The Prime Star Group
Prime Star Group, Inc. (PSGI) is a holding company that focuses
on three core areas of business:
- Packaging Equipment and Film
Prime Star Group's subsidiary Intel-Pac, Inc. builds,
rents, installs and maintains our proprietary machines and sells
our bio-degradable film, ECCO-PAX™ for all applications. Our
process provides customers with a proprietary, safe, efficient and
environmentally friendly packaging system for storing solids,
liquids, ice and beverages of all types.
- High-Quality Beverages and Foods
Prime Star Group's subsidiary companies have the capability to
produce, market and distribute high-quality products: exclusive
wines, healthy teas, adult mixed beverages, healthy flavored
waters, and gourmet, all-natural seafood and vegan products.
We also can co-brand and co-pack existing high-end beverages
and private label liquors for large hospitality and entertainment
brands. All of our non-alcoholic and alcoholic beverage producers
will use ECCO-PAX™ packaging.
Once products are developed and packaged, they need to get to
market. We have distributors willing and ready to distribute our
products into the beverage, food retail, entertainment,
hospitality, medical and disaster relief markets.
2011 Plan
Prime Star Group has been building plans for the operational
launch of specific market business and products in 2011. We have
formulated a structure that will allow us to partner with investors
interested in some of our target markets and we have found some
investors/partners interested in purchasing some ownership of these
subsidiaries. The November 15, 2010 announcement of a deal with
Isaac Capital Group for a credit line for the launch of Gourmet
Fusion Seafood is the first example and that partnership has
allowed Prime Star group to start production, distribution and
billing in the 2nd Quarter of 2011.
In addition to Gourmet Fusion Foods, Inc. and Intel-Pac,
Inc.(IPAC™),we plan to formalize the structure and the launch of
four subsidiaries in the next 120 days. They are:
- Netherlands Tea Company
- Delizia Limited Cigars
- Vintners Global Fine Wine & Spirits
- SIPP™, Inc.
- Interactive Leisure Corp
Each subsidiary is expected to have a debt and equity structure
that will enable Prime Star Group and our partners to finance the
subsidiary's operations at launch. If a subsidiary is
considered to be non-core we may facilitate a spinoff of the
subsidiary.
Gourmet Fusion Foods, Inc. is a manufacturer of
healthy, gourmet seafood and vegan products designed to give
consumers the type of foods they desire, yet at a price point that
is affordable. With the increasing consumer demand for healthier
lifestyle food and gourmet flavors, Gourmet Fusion Foods produces
seafood items such as Crab, Lobster, Salmon and Shrimp Fusion
Sliders and Mahi-Mahi, Pacific Salmon, and Ahi Tuna Fish Burgers,
which are high in healthy Omega-3 fatty acids and taste great
Gourmet Fusion Foods is also preparing to produce a line of Vegan
sliders and Koscher sliders. All products are gluten free,
dairy free, all natural and contain no preservatives. With this
business we have found a partner that will fund the growth in sales
as we move distribution nationwide. We have received our national
vendor numbers from US Foods and Sysco. Prime Star Group will
retain 60% of the ownership of Gourmet Fusion Foods, Inc.
Delizia Limited Cigars is the manufacturer and
importer of premier cigars distributed under the Delizia and
private label. We have the ability to manufacture more than 250,000
cigars a month in Costa Rica and our cigars have received a premium
rating.
Global Fine Wine & Spirits, Inc. ("GFWS")
is a master distributor that wholesales and distributes premium
alcoholic and non-alcoholic beverages in bottles, cans and
ECCO-PAX™ pouches. GFWS will also co-bottle, co-pack and partner
with other high-end retail, hospitality and entertainment
businesses to create unique, branded beverages. GFWS will
independently market its wines under the Vintner's Private Reserve
luxury brand.
The Netherland Tea Company, Inc. ("TNT")
produces ready to drink, healthy hemp tea. TNT manufactures and
distributes Hemp-C iced tea. Currently TNT is the only manufacturer
of hemp-tea in the US Market. TNT has developed innovative products
and a brand to take advantage of evolving consumer trends thereby
increasing promotional effectiveness for its product lines.
SIPP™, Inc. co-packs, markets and distributes
high-quality alcoholic beverages in the unique SmartPaxTM flexible
pouch packaging. By co-packing and marketing new and existing
brands in the efficient, flexible and environmentally friendly
ECCO-PAXTM packaging, SIPP™ opens markets and increases brands'
profitability. SIPP partners with established beverage brands,
retailers, entertainment and hospitality companies.
Interactive Leisure Corp. is a Software and Web
Development company specializing in Travel Technology solutions.
Interactive Leisure (the "Company") currently provides E-Commerce
solutions to on line businesses, travel suppliers, and travel
resellers. The Company has excelled in the development of user
friendly, content rich, and highly optimized web sites that
integrate with fully scalable back office software support
systems.
Intel-Pac, Inc. (IPAC™), is a core business for
Prime Star Group and while we have plans for funding our
diversified subsidiaries in core areas we do not plan to relinquish
managerial control or a majority ownership. We will work with
Co-Packing partners or minority investment partners to help fund
the operations of our core subsidiaries. The structure for this
nationwide role out and a list of our potential partners is
expected to be worked out over the next 120 days.
The Company expects to accelerate deployment of our packaging
machine and the pouch beverage sales in 2011. We have had an
increased interest in our pouch water products with the recent
national and international disasters but we need to have capability
to deliver product and that is our primary mission for 2011. We
plan to have our own production and Co-Packing partner production
to deliver pouch water for disaster relief by the end of the 3rd
quarter 2011.
I am excited about 2011 and the opportunity that exists for
Prime Star Group Inc. as we unlock the value that exists in each of
our subsidiaries. Please note that my compensation is
primarily tied to operational revenue and success from unlocking
that value in our businesses. We plan to report on the status of
our efforts as part of our filings and releases.
Thank you,
Ed Braniff President Prime Star Group Inc.
www.PrimeStarGroup.net
Forward Looking Statements - Safe Harbor
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements appear in a number of places
in this release and include all statements that are not statements
of historical fact regarding the intent, belief or current
expectations of Prime Star Group, Inc., its directors or its
officers with respect to, among other things: (i) financing plans;
(ii) trends affecting its financial condition or results of
operations; (iii) growth strategy and operating strategy. The words
"may," "would," "will," "expect," "estimate," "can," "believe,"
"potential" and similar expressions and variations thereof are
intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond Prime Star Group, Inc.'s
ability to control, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. More information about the potential factors
that could affect the business and financial results is and will be
included in Prime Star Group, Inc.'s filings with the Securities
and Exchange Commission.
Company Contact: Gary Cherney 702-743-1928
www.primestargroup.net
Investor Relations:
Price Target Media Investor Relations Beverly Hills, CA
310-860-7767 info@pricetargetmedia.com
This information was brought to you by Cision
http://www.cisionwire.com
http://www.cisionwire.com/prime-star-group/r/president-edward-braniff-of-prime-star-group--inc--issues-letter-to-shareholders,g9122866
Perfect Solutions (PK) (USOTC:PSGI)
Historical Stock Chart
From Apr 2024 to May 2024
Perfect Solutions (PK) (USOTC:PSGI)
Historical Stock Chart
From May 2023 to May 2024