BOCA RATON, Fla., Nov. 6, 2006 (PRIMEZONE) -- PrimEdge, Inc. (pronounced "prime edge") (Pink Sheets:PRMD) announced today that it has entered into an "Agreement and Plan of Reorganization and Asset Purchase Agreement," wherein it has acquired the majority of assets of Royal Palm Capital Group, Inc., Boca Raton, Florida, in return for the issuance of capital stock. This purchase is part of a broad restructuring and shift in strategy which PrimEdge began in July 2006.
About Royal Palm Capital Group, Inc.
Royal Palm Capital Group, Inc., was founded in 2003, and is a privately-held holding corporation which has held investment interests in several privately-held and publicly-traded corporations and early stage companies, including PrimEdge, in which it has held a historic beneficial ownership interest. In January 2006 Royal Palm underwent a change in its management and operational structure. As a result of the asset sale to PrimEdge, Royal Palm's beneficial ownership interest in PrimEdge is increased. In addition, with the divestiture of the assets in the sale, Royal Palm will now realign its corporate mission and investment policies to focus on opportunities in new ventures across different growth markets.
"PrimEdge is continuing its bold change in its core business strategy and overall direction," stated Brian J. Schuster, Chairman of the Board and CEO of PrimEdge, Inc. He added, "The addition of the assets from Royal Palm will enable us to enhance the value that we will bring to our shareholders, while being able to broaden our operational base."
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