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DD on PRRM Called the CEO tonight!
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[QUOTE]Originally posted by rickpic: [QB] PR out this AM looks like $400k plus in income to PRRM over next 2 years! Prime Rate Investors Inc. Has Been Paid Closing Points and Has Received Final Funding Request for Hotel, Forward Split Set for September 1st Business Wire - August 09, 2004 08:01 CORAL GABLES, Fla., Aug 9, 2004 (BUSINESS WIRE) -- Prime Rate Investors, Inc. (Pink Sheets:PRRM) announces that the company has received final funding request for closing from Royal Arkansas Hotel and Suites and has paid Prime Rate Investors its fees for funding. Closing is set for August 27. The mortgage loan is a draw on the $2,000,000 credit line and is at 18% interest. Richard Astrom, President of Prime Rate Investors, said, "We are excited to make the loan as we consider it to be a prudent and profitable investment." The hotel consists of 200 units and it attached to the Pine Bluff, Arkansas Convention Center. The hotel and Convention Center are across the street from the City of Pine Bluff City Hall. The convention center is owned and operated by the City of Pine Bluff Arkansas. Bob Purvis, director of the Convention Center, said, "We are excited to have new ownership in the hotel as they are experienced hotel operators, and they are bringing new and fresh ideas to the hotel and Convention Center." Prime Rate typically lends through its subsidiary Tampa Bay Mortgage Solutions, Inc. and 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] 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. SOURCE: Prime Rate Investors, Inc. Prime Rate Investors, Inc. Richard Astrom, 786-236-6434 Fax: 305-666-3994 [URL=http://www.prrm.us]http://www.prrm.us[/URL] E-mail: nres74@hotmail.com Customize your Business Wire news & multimedia to match your needs. Get breaking news from companies and organizations worldwide. Logon for FREE today at [URL=http://www.BusinessWire.com.]www.BusinessWire.com.[/URL] Copyright (C) 2004 Business Wire. All rights reserved. [/QB][/QUOTE]
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