October 23,2008  
           

PRIMA COMPLETES SECOND TRANCHE OF PRIVATE PLACEMENT

 

Further to its news release of April 16, 2008, Prima Developments Ltd. has completed the second and final tranche of its private placement of units ("Units") at price of $0.15 per Unit. The Company has issued an additional 440,900 Units for gross proceeds of $66,135, each Unit consisting of one common share and one-half of one non-transferable warrant, each whole warrant entitling the holder to purchase an additional share for a period of two years at a price of $0.20.

 

The net proceeds from the private placement are being used to reduce outstanding payables and for general working capital purposes.

 

The common shares including any shares issued upon exercise of the warrants are subject to a hold period which expires on February 24, 2009.

 

 

About Prima (PID)

 

Prima's subsidiary, ENVIROCOAT TECHNOLOGIES, manufactures and distributes the proprietary specialty Envirosmart coatings, known as Ceramic Insulcoat with Cerylium, throughout Canada and internationally, including the U.S.A. Years of successful R&D has produced a unique product which provides over 30 features and benefits including super adhesion, water and moisture management, heat penetration resistance, saving wasted energy.   Prima's model is designed to expand its share of this $85 billion global market through acquisition and association with strategically positioned distribution outlets located in over 70 countries.   Prima and its new partners are positioned for global distribution to the global multi-billion dollar market.

 

On Behalf of the Board,

 

Roland Langset

Roland Langset, President                     

 

 

This press release may include forward-looking statements; including statements relating to the Company's manufacturing capability, marketing strategy, future sales growth, profitability and competitive position.   The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate", and similar expressions identify forward-looking statements.   Forward-looking statements are based on assumptions made by and information currently available to the Company.   Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected.   The Company does not undertake to review or update these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not a ccept responsibility for the adequacy or accuracy of this release.


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