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Keep in mind that you don't want to just go out there and spam link exchanges with everyone and anyone. Keep to your target market or at least close to it!
As mentioned earlier, PR isn't really that important. The only use I have for it is link exchanging or selling ads. For some reason, a lot of people put stock in it so it has some form of value as a trade item but it doesn't really do much else. For example, my web dev company's website is PR5 and it has about 10 outbounds and no inbounds and the content hasn't changed in years.
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