Update

Wednesday September 6, 9:36 AM EDT

SALT LAKE CITY, Sep 06, 2006 (BUSINESS WIRE) -- PrimeHoldings.Com Inc. (Pink Sheets:PMHJ) a diversified holding company with early mover initiatives in the oil and gas and telecommunications industry, today released a letter to the shareholders from Thomas Aliprandi, CEO of the Company.

To the Shareholders of PMHJ.PK

It is my sincere pleasure to enlighten you on the Company's progress over the past three months. During this period, management has implemented a business strategy to significantly improve the Company's position and outlook. The action items for this plan are as follows:

1) Identify programs to substantially reduce overhead expenses and aid in the reduction of debt

2) Explore financing options in preparation for the acquisition of ownership interests in growing companies

3) Commence an aggressive and comprehensive search to identify an acquisition/merger candidate

We have substantially reduced the company's overhead expenses through the restructuring of the organization and the elimination of non-revenue producing expenditures. The company has entered into negotiations with certain creditors with the intent to drastically reduce most of its debt. The successful completion of these strategies over the next six months will enhance the company's ability to attract further funding for its acquisition strategies.

Management decided to shift its short-term focus towards acquiring minor ownership positions in growing companies in the oil and gas and telecommunications industries - the objective being to diversify the company's assets while identifying a more significant acquisition/merger opportunity. Over the past several months, numerous possibilities have been reviewed. In recent weeks a company was selected and management is in the process of finalizing the terms of the transaction which will be described in a separate press release.

In conjunction with our short-term strategy to acquire equity positions in growing companies, we have initiated a comprehensive search for a major acquisition/merger. With the assistance of several specialized search firms, the company has initiated preliminary discussions with two potential candidates. Due diligence has recently begun. Once management decides this opportunity meets the Company's requirements and capital means, we will move forward to formalize a definitive agreement and share the details with our shareholders.

More information about PrimeHoldings.Com can be found at www.stockinformationsystems.com.

Kindest regard,

Tom Aliprandi

"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., Salt Lake City Thomas Aliprandi, 801-755-6859 ir@primeholdings.com

Copyright Business Wire 2006