Prime Time Group Inc. (PRTH) Announce Controlling Interest in Southern Wheel Workz Inc.
Diversifies Portfolio With "Wheel Workz" Franchise Licenses
May. 2, 2007 12:45 PM
FT. LAUDERDALE, FL -- (MARKET WIRE) -- 05/02/07 -- Prime Time Group Inc. (PINKSHEETS: PRTH) ("the Company") is pleased to announce that it has completed its
first acquisition and now has controlling interest in Southern Wheel Workz
Inc., as part of its acquisition strategy and in diversifying its asset
portfolio.
"This acquisition represents the first in a number of acquisitions to be
announced that are consistent with the business and strategic plan
announced in January of this year," says Johnny Ray Arnold, Chairman of
Prime Time Group Inc.
Our expectations are to establish 30-50 Wheel Workz locations across
Florida and other areas we have signed agreements for within the next three
years. "With annual licensing fees, we are looking at $3.75 Million in
licensing fees before location revenues," says Johnny Arnold. "This could
easily be a $100 million venture within a relatively short period of time."
"The rapidly expanding automotive rent-to-own industry represents nearly
the same market percentage as the computer rent-to-own or about 4.7%," says
Dale Ingram CEO of Wheel Workz. "The opportunity for growth with Prime Time
is enormous, franchises alone currently have revenues of approximately $4
Million per year and that doesn't include the licensing fees." Ingram
adds, "We provide the entire solution, SALES, Rent-to-Own, Service, and
Repair for all vehicle types including high end cars like Lamborghini,
Ferrari, Bentley, BMW and Mercedes to name a few."
Wheel Workz, the parent company (www.wheelworkz.com), which is located in
Memphis, Tennessee, is the largest independently owned supplier of original
equipment and custom wheels in the Mid-South region of the United States.
Wheel Workz is also a leader in the successful automotive rent-to-own
industry. Prime Time and Southern Wheel Workz Inc. signed a Franchise
Agreement with Wheel Workz Inc. making them the Area Licensee, with area
agreements to franchise in Florida, the Caribbean, Brazil, Panama,
Argentina and Venezuela.
ABOUT PRIME TIME GROUP INC.
Prime Time Group (PINKSHEETS: PRTH) www.PrimeTimeStores.com is a forward
thinking company that has interests in wireless products and services for
today's youth market. By using retail, wholesale and Internet delivery
channels, the company has found unique ways to deliver the phones,
accessories, mobile media and mobile games that are desired by a growing
marketplace. In doing so it has established relationships with carriers
such as Virgin Mobile, Fido, Sprint, as well as its own line of products
such as Cherry Red Accessories and content. E-commerce division is online
and will be announced shortly. Prime Time Group also has interests in the
retail oil and gas, convenience store, and automotive sectors. All of which
are complementary.
Prime Time growth through acquisitions in diverse industry sectors is
intended to develop a synergistic conglomerate of individual businesses
which can benefit by each other's market exposure. Each division and sector
will utilize the other's geographic locations and customer base to quickly
boost the revenue and achieve immediate access to a broader customer base.
Robinson Wireless/ Prime Time Group Inc. is currently investigating growth
opportunities in the Domestic United States, Canada, Latin America, and the
Caribbean.
PR-7, Inc., the exclusive master Franchise of the largest Convenience
store chain in the World for Puerto Rico and the Caribbean, operates 14
7-Eleven convenience stores in San Juan, Puerto Rico. Prime Time maintains
its interest in PR-7, Inc.
Legal Notice Regarding Forward-Looking Statements
The statements in the press release that relate to the company's
expectations with regard to the future impact on the company's results from
acquisitions or actions in development are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act of 1995.
The statements in this document may also contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Since this
information may contain statements that involve risk and uncertainties and
are subject to change at any time, the company's actual results may differ
materially from expected results.
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