BLUE EYE, Mo. -- Prime Time Group Inc. said that its affiliate, PR-7 Acquisition LLC, has acquired all of the outstanding shares of the exclusive 7-Eleven area licensee for Puerto Rico, which operates the 14 existing 7-Eleven convenience stores there.
As part of the deal, Prime Time will discontinue operating eight convenience stores in southeastern Missouri.
Johnny Ray Arnold, chairman and CEO of Prime Time, said, The company will start focusing on growth opportunities on the island. We plan to work closely with 7-Eleven to use [image-nocss] 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.
Arnold said in June 2005, when Prime Time entered into a stock purchase agreement with Puerto Rican company Puerto Rico-7, 7-Eleven and Prime Time believe that across the island of Puerto Rico, more than 100 stores can be developed. It is our intent to fulfill that goal.
He also said at the time, "Prime Time plans to immediately implement an image enhancement program for the existing stores as well as a marketing strategy to bring further awareness of 7-Eleven to Puerto Rico. We also intend to build a central distribution center which should cut costs and increase profitability."
Blue Eye, Mo.-based Prime Time plans to take steps to become a fully reporting company and intends to file for listing on the American Stock Exchange (AMEX), it said.
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