Black Gold or Fool's Gold?

Thursday October 27, 12:59 PM EDT

SALT LAKE CITY, Oct 27, 2005 (BUSINESS WIRE) -- PrimeHoldings.com Inc. (Pink Sheets: PMHJ) (the company), formerly a diversified holding company with early-mover initiatives in the telecommunications, and proprietary restaurant and hospitality industries, today announced that its board of directors has unanimously approved a transition from telecommunications into oil and natural gas development. The company previously announced that it has identified a new, publicly traded company that will receive its Target Communications LLC subsidiary.

"Since we are nearing completion of the sale of our Target Communications division, we have been presented multiple offers for potential acquisition into PrimeHoldings. After extensive due diligence, we have identified a very unique opportunity to acquire undivided interests in multiple oil leases throughout Utah, Texas and Oklahoma," stated Thomas Aliprandi, CEO of PrimeHoldings.

"We have a tremendous base of loyal shareholders, and delivering an opportunity for us all to prosper was at the forefront as we sought a new direction," Aliprandi continued.

"The company has reached an agreement in principal to acquire its first lease, an undivided interest in the Hartoin-Walker Lease which is located in Wichita County, Texas. Historically, this lease has produced in excess of five barrels of oil daily. After workover, conservative estimates place production at approximately 35 barrels per day. Our development partner in revitalizing this lease is Barnett Shale Holdings Inc. Barnett has a very successful track record in increasing production in previously dormant, or under-producing leases utilizing the latest technologies in oil recovery, including horizontal/directional boring and 3D imaging. Details of the acquisition will be made immediately available upon execution of the contract," concluded Aliprandi.

For additional information about PrimeHoldings.com, go to www.stockinformationsystems.com and search for PMHJ.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

SOURCE: PrimeHoldings.com Inc.

CONTACT: PrimeHoldings.com Inc.

Tom Aliprandi, 801-755-6859 ir@primeholdings.com

Copyright Business Wire 2005