Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
PRICE ROBERT E
   2. Issuer Name and Ticker or Trading Symbol
PRICESMART INC [PSMT] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) __X__ Other (specify below)
Chairman of the Board / Interim CEO
(Last)
(First)
(Middle)
7979 IVANHOE AVENUE, SUITE 520		 3. Date of Earliest Transaction (Month/Day/Year)
02/01/2006
(Street)

LA JOLLA, CA 92037		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               812,395 I As co-trustee of the Robert and Allison Price Trust UTD 1/20/75
Common Stock               2,240,168 I As co-trustee of the Robert and Allison Price Charitable Trust (1)
Common Stock               56,415 I As co-trustee (1)
Common Stock               530 I As custodian for the minor children of the reporting person
Common Stock               80 D (2)  
Common Stock 02/01/2006   X   300,000 A $ 12 7,388,369 I As co-manager of The Price Group LLC (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Put Option (Obligation to Buy) $ 12 09/20/2004   S     300,000 11/30/2005 11/30/2006 Common Stock 300,000 (3) 300,000 I As co-manager of The Price Group LLC (1)
Put Option (Obligation to Buy) $ 12 02/01/2006   X     300,000 11/30/2005 11/30/2006 Common Stock 300,000 $ 0 0 I As co-manager of The Price Group LLC (1)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PRICE ROBERT E
7979 IVANHOE AVENUE
SUITE 520
LA JOLLA, CA 92037		   X   X   Chairman of the Board Interim CEO

Signatures

 /s/ Robert E. Price   02/09/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest (if any) therein.
(2) Held in the 401(k) of the reporting person.
(3) See Remarks section below.
 
Remarks:
On September 20, 2004, in connection with a restructuring of International Finance Corporation's ("IFC") investments in PriceSmart, Inc. ("PriceSmart"), The Price Group LLC ("Price Group") and IFC executed a Put Option Agreement, dated as of September 20, 2004, which was amended and restated as of January 7, 2005 (the "Option Agreement"), pursuant to which Price Group granted to IFC the option (the "Put Option"), exercisable in whole or in part between November 30, 2005 and November 30, 2006, to require Price Group to purchase up to 300,000 shares of PriceSmart common stock from IFC at the price of $12 per share. On or around February 1, 2006, IFC delivered notice to Price Group, exercising the Put Option in its entirety. However, the settlement of such exercise will not occur until March 15, 2006, at which time, pursuant to the terms and conditions of the Put Option, IFC will transfer 300,000 shares of PriceSmart common stock to Price Group, and Price Group will transfer $3,600,000 to IFC.



The reporting person is a director and president of San Diego Revitalization Corp., a California non-profit corporation ("SDRC"), but does not have a pecuniary interest, within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), in any securities held by SDRC. In previous reports filed by the reporting person under Section 16, the reporting person had voluntarily included securities held by SDRC in such reports, even though he did not beneficially own, within the meaning of Section 16, any such securities. The reporting person has since discontined his prior practice of including securities held by SDRC in his Section 16 reports.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.