BRANSON, Mo., Aug. 10, 2005 (PRIMEZONE) -- Prime Time Group, Inc. (Pink Sheets:PRTH) announces that it has been approved by 7-Eleven, Inc. (NYSE:SE) to become the company's exclusive area licensee in Puerto Rico and assume the operation of the existing 7-Eleven stores in that territory.
The deal is conditioned upon Prime Time's purchase of Puerto Rico-7, the current licensee for the island's 14 7-Eleven convenience stores. The closing date has been set for the last half of September, 2005. The agreement is subject to Prime Time Group raising the required funds to make the purchase.
Johnny Ray Arnold, Chairman and CEO of Prime Time Group, said, "After completing our initial market research, Prime Time believes Puerto Rico is an area of great opportunity. We plan to work closely with 7-Eleven to use all of their license support resources to achieve an aggressive store expansion program. We will also undertake an image-enhancement program for existing stores, and develop a marketing strategy to raise awareness of 7-Eleven in Puerto Rico."
Prime Time believes that becoming the exclusive licensee of 7-Eleven in Puerto Rico will be of tremendous benefit to the Company.
7-Eleven has over 28,000 stores worldwide with total sales of approximately $41 billion in 2004. It is the largest independent convenience store chain in the world with the most recognizable brands in the industry.
Immediately following the closing, PRTH plans to complete the audit of its financial statements, for the purpose of becoming a reporting issuer under the Securities Exchange Act of 1934.
Prime Time is required by the Stock Purchase Agreement with Puerto Rico-7 to discontinue operating the eight c-stores in Missouri. For more information, contact Prime Time Group, Inc. at Primetimestores.com or at 417-779-2310.