Prime Star Group Inc. Sells 40% of Its Gourmet Fusion Seafood, Inc. Subsidiary to Isaac Capital Group LLC for Cash and Line of C
15 Novembre 2010 - 2:30PM
Marketwired
Prime Star Group Inc. (PINKSHEETS: PSGI) is pleased to announce
that it has sold 40% of one of its wholly owned subsidiaries to
Isaac Capital Group, LLC., located in San Diego, California. The
40% ownership stake was sold for cash and a line of credit for the
production of its GOURMET FUSION SLIDERS™.
Roger Mohlman, Prime Star CEO, says, "We are very pleased to
have this opportunity to partner with such an outstanding and
successful international organization as the Isaac Capital Group,
LLC. This relationship will allow our subsidiary, Gourmet Fusion
Seafood, Inc., to continue its expansion with its team of
nationwide distributors. PSGI will retain management of the
subsidiary and Isaac Capital Group will receive substantial equity
for their investments. It's a win-win situation."
Jerry Ludeman, President of the newly renamed, Gourmet Fusion
Seafood, Inc., stated, "The insight and resources offered by Isaac
Capital Group will really speed the manufacturing and distribution
of our fabulous seafood products to a much larger demographic. We
value the opportunity that Isaac Capital has given us and are
thrilled about the prospects in the short and long term."
"Gourmet Fusion Seafood, Inc. markets and manufactures a line of
innovative, healthy and delicious products and we are excited to
become part of this family," said Jon Isaac, the President of The
Isaac Capital Group LLC. "We feel the company's new name reflects
an upscale, quality product that the company offers and we are
pleased with the direction and potential growth of Gourmet Fusion
Seafood. We are excited to be in on the ground floor of this
dynamic new enterprise." About Prime Star Group
Prime Star Group Inc. is a holding company that focuses on four
areas of business: SmartPax™ Packaging, Premium Food & Beverage
Products, Distribution and Risk Management. The company's operating
subsidiaries produce, market, and distribute wines, tea, adult
mixed beverages, flavored water, and gourmet seafood products. The
company also produces co-brand and co-pack existing high-end
beverages and private label liquors for large hospitality and
entertainment brands. Prime Star is focused on the food and
beverage, entertainment, hospitality, healthcare and disaster
relief industries.
About Isaac Capital The Isaac Organization is a leading global
private investment firm with approximately $5 Billion worth of
projects under management across a family of funds. Isaac invests
in companies across a broad range of geographies.
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.
Public Relations Contact: Constellation Asset Management, LLC
(415)524-8500 or on the web at www.primestargroup.net
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