CORAL GABLES, Fla.--(BUSINESS WIRE)--PRRM--
Prime Rate Investors, Inc. (Pink Sheets:PRRM) announces
the number of shares outstanding as of September 13, 2004.
Free trading shares not restricted 5,218,991,476; Restricted
shares owned by management and shares issued in forward split:
9,400,226,802; Authorized shares 20,000,000,000.
Recently the company has: funded the Royal Arkansas Hotel and
Suites; retained Windsor Capital, located in New York City, to find a
merger candidate in the Northeast U.S.; funded a $200,000 Mortgage in
Stowe, Vt.; the company is in discussions to acquire a mortgage
company in the Stowe-Burlington, Vt area. The company is taking
applications in Florida for companies that have had hurricane related
disasters and need quick mortgage funding.
Prime Rate typically lends thru 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.
The company specialty is acquisition financing, construction loans,
and lines of credit for builders and investors. The specialty of the
company is "hassle free hard equity loans".
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 company has a web site http://www.prrm.us.

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.

KEYWORD: FLORIDA
INDUSTRY KEYWORD: BANKING BANKING
SOURCE: Prime Rate Investors, Inc.

CONTACT INFORMATION:
Prime Rate Investors, Inc., Coral Gables
Richard Astrom, 786/236-6434 or Fax 305/666-3994 http://www.prrm.us
E-mail: nres74@hotmail.com

quote:

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Originally posted by bleech1:
Curious as to how there could be a trade @0.00?

Someone gave away shares for nothing?

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quote:

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Originally posted by Tomil:
Check my post on the other PRRM board. Meant to post it here.

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Bleech- My explanation the other day is not valid. I thought you were referring to a "last sale" of 0.00.

quote:

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Originally posted by WinsumLosesum:
Oh, crap. There's those zeros again. Did we just lose money again?

Bleech- My explanation the other day is not valid. I thought you were referring to a "last sale" of 0.00.

This is totally different.. and not very encouraging, I might add.

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So what actually is happening? Are there trades going through for no value?

quote:

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Originally posted by rickpic:
Keep an eye on this in the AM O/S and A/S numbers are to be PRed and something big big is coming as per a conversation I had with the CEO today!

Rick

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4 billion in 2 days?

Damm I am happy when ALMI does 1 million shares lol

Conversation with PRRM CEO -
*Reposted from raging bull, which reposted it from another board. http://ragingbull.lycos.com/mboard/boards.cgi?board=PRRM&read=3014
I found this posted on **************.com chat board. Interesting.
PRRM
I just spent an hour on the phone with Richard Astrom the CEO of PRRM and he retracted his statement of 500 S8 filing, saying that the REGDEX filing was actualy a Form 504 filing. He didnt understand my question yesterday when we spoke and thought I was asking him the estimated O/S.
The REGDEX form 504 paper filing is to authorize the issuance of $1 million dollars in shares, and it was filed on 6/9/04. He didn't know how to find it online so I helped him get to it! The Form 504 authorized to a Market Maker, gives that MM the right to sell $1m in shares on behalf of the company. I was assured by Richard Astrom that there would be no further issuances of shares anytime in the forseeable future! The $1m is to add to ongoing Morgages being sold by PRRM. which are issued to medium to, higher risk client who need a loan now, rather than waiting out the 1-3 month loan application period! Most should be short term loans because PRRM issues these loan with a 65% maximum equity out value and a 12-15% interest rate, and get this! Approximately 20% points ($40k on a $200K loan at closing! Nice)! The next thing I liked was that all of the loans are writen with a 3% penalty for early payoff! Either way PRRM wins 12-15% for term or 3% out and they already have the points paid!
He told me that the 1 to 10 forward split was issued because he understood that the PPS was low as a result of the 504 shares being issued and that it was to make shareholder feel better about there holding. He went on to say that and Im gonna quote him " There will be no reverse spit of PRRM share" I asked him if he could give me a guaranteed time for no R/S and he got a bit defencive, but said "I haven't even concidered it, but at least for the forseeable future. He added "I can't see an R/S happening this year at all"
I had done a Google search for his name prior to my call and it brought back 4 more companies one of which is CSIN OTCBB so I asked him if there was any possibility of CSIN buying and adding PRRM as a Subsidiary and he said " I don't think that would be in the best interest of either company, but I do plan on filing to get PRRM listed to the OTCBB at some point in the near future"
During the conversation and before we discused CSIN he made referance to another company he owns without naming it and it was stuff that has not been PRed yet so I wont post it, but my feeling was that he was refering to CSIN so I'll be keeping a close eye on that one, as well!
There is another company with the symbol NRPI that you will come across if you do DD on Richard Astrom. It is now a shell with an issue. I questioned Mr. Astrom about the company and why it doesn't trade anymore and he said that it was a first company and that the transfer agent had issued more shares then were authorized and that he had contacted the SEC about it and they told him to fix it! He felt that the issue had been cleared up by the TA of that shell and that NRPI could become a tradeable shell if it wasn't already!
He said " If you are buying at this level then he felt that you would be buying at the bottom" I assured him before the conversation was over that I was and would continue to do so till the PPS started to rise higher than I felt safe with!
All in all, I found Richard Astrom, CEO of PRRM, to be very straight forward and to the point. He didn't try to avoid any of my question and he said that I was the only caller he had had in a month. He said there must be many people buying on spec with no infomation to go on and that he didn't understand how people could buy like that, and that he would be happy to discuse PRRM or CSIN or even NRPI with anyone who was smart enough to do there DD the right way!

I have added up the total sales at the bottom PPS on all days since 6/9/04 and my best guess says they have sold very close to all of the 504 shares at this time and I will be looking for a bounce due to demand when the 504 is done!

Good luck to all the longs!

Gotta love a double. Pity I wasnt able to invest more than $179 at the time.

EDIT: Weird..allstocks almost seems to be censoring the word d a n c e, either that or my asterisk was messing things up.