New Domain or Sub-Domina to Use ?

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I have a 6 year old domain name and a website which has Google PR of
3. I want to add, say "XYZSpoon" to existing domain name so that I can
start a different web-service.

My question is does it make more sense to add XYZSpoon as a sub-domain
or a directory on my existing website or should I buy and
start the web-service on new domain ?

 Which mode will help me get higher PR for XYZSpoon ?

Thanks for your help.

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