Prime Star Group, Inc. (OTCBB: PSGI) is pleased to announce that its IntelA-Pac business unit’s registration statement and other necessary filings have been completed by its accounting and legal team and are being submitted to begin the formal spinoff of IntelA-Pac, Inc. (formerly New Age Packaging) from the Parent Company.
The shareholders of Record of Prime Star Group, Inc. as of the record date of July 15, 2009 will receive an equal number of shares of IntelA-Pac’s common stock, with Prime Star retaining the remaining shares. As previously announced, the company completed the necessary financing for the spinoff transaction.
“This represents a major milestone on the road to launching IntelA-Pac as a separate public company,” said Roger Mohlman, chief executive officer of Prime Star Group and IPAC. “We are focused on providing the products and services of the highest quality and look forward to enhancing long-term value to our future shareholders as an independent company and are extremely excited that after five years we can announce the this is happening.”
PSGI and IntelA-Pac intend to post these materials to the Investor Relations portion of its website promptly after filing with the SEC as well as the status of the filings as the information is received.
Source: Prime Star Group Inc.