PCBM!!Pinnacle Business Management to Retire or Buy Back 105 Million Shares; Payday Loan Firm Announces Streamlining Effort to Fuel National Growth
CLEARWATER, Fla.--(BUSINESS WIRE)--July 19, 2000--Pinnacle Business Management (OTCBB: PCBM) has announced that it will retire or buy back a total of 105 million shares of its common stock. In making the announcement, Pinnacle indicated that the transactions are slated to occur progressively over the next six months.
Pinnacle founders Bruce Hall and Jeff Turino, the company's president and CEO, respectively, have agreed to retire approximately 70 million of their own privately held shares in lieu of performance incentives. In addition, the consulting firm of Gordon and Associates has agreed to retire 35 million shares of PCBM stock that it currently is holding.
"By bringing in these 105 million shares, we expect to solidify our investors' position in the stock," said Turino. "We are about to undergo a period of amazing growth -- internally, geographically and financially -- and we projected a need to streamline our structure before forging ahead."
About Pinnacle Business Management
Pinnacle Business Management (OTCBB: PCBM) commenced operations in 1996 in Florida. In 1997, PCBM opened its first Fast PayCheck Advance of Florida, Inc. location and has since grown to have more than 125 service centers. Fast PayCheck Advance offers individuals short-term loans. The company is licensed to operate in nine states and expects to be servicing clients nationwide by the end of this year. For more information, log onto www.pcbm.com or call 877-877-9307.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from the forecasted results. These risks and uncertainties, include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
CONTACT: The Pollack PR Marketing Group
Robert Parry, 310/556-4443 (Media Contact)
rparry@ppmgcorp.com |
