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DD on PRRM Called the CEO tonight!
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[QUOTE]Originally posted by will: [QB] Press Release Source: Prime Rate Investors, Inc. Prime Rate Investors Inc. Announces Hiring of Mergers & Acquisitions Firm to Seek NE Regional Mortgage Company for Acquisition Monday August 2, 8:02 am ET CORAL GABLES, Fla.--(BUSINESS WIRE)--Aug. 2, 2004--Prime Rate Investors, Inc. (Pink Sheets:PRRM - News) announces that the company has retained Windsor Capital of 82 Wall Street, Suite 1107, New York, N.Y. to search for a prominent, regional "hard equity" mortgage company located in the Northeast section of the US. Windsor Capital is a merger and acquisition firm specializing in financial services companies in the Northeast. "The company realizes that the time is perfect for growth and expansion in our market as interest rates are rising, which makes our rates more affordable to our borrowers," said Richard Astrom, President of PRRM. Prime Rate lends through its subsidiary Tampa Bay Mortgage Solutions, Inc. lends 70 percent of the value of property at rates of 15 percent per year, plus points. Typically term is 1 to 2 years. Board of Directors has approved a resolution for the forward split of the common stock of the Company by unanimous written consent of the Board of Directors whereby every holder of 10 shares of common stock shall be entitled to an additional one share of capital stock. The effective date of this forward split shall be September 1, 2004. The shares will be mailed directly to the owners of record by Signature Stock Transfer Inc. approximately one week after the September 1st effective date. The company owns Tampa Bay Mortgage Services, Inc. in Tampa, Florida which is a direct lender specializing in short term asset based lending. The company specialty is acquisition financing, construction loans, and lines of credit for builders and investors. The mission of the company is to build a diverse portfolio of debt and equity instruments that will provide the shareholders with both current income and capital appreciation. The specialty of the company is "hassle free hard equity loans". The company has a web site: [URL=http://www.prrm.us]http://www.prrm.us[/URL] [/QB][/QUOTE]
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