WESTON, Fla., Sep 20, 1999 (BUSINESS WIRE) -- TheSubway.com Announces
Investment Opinion on Peacock Financial Corporation (OTCBB: PFCK)
increasing target price to .60 per share in the short term.
Financial Corporation (OTCBB: PFCK) recently announced that among other
investments, PFCK owns 800,000 shares of Solutions Media Inc. The
company confirmed with management of Solutions Media that an IPO
(Initial Public Offering) is in progress. Solutions Media is an
Internet company currently developing its "SpinRecords.Com" unit.
SpinRecords.Com is an online music E-commerce Website similar to
MP3.Com (NASDAQ: MPPP). Based on the equity stake Peacock owns,
Peacock's book value should increase by about $ .40 per share.
The Company also announced that its wholly owned subsidiary, Peacock
Development Corp., under a joint-venture agreement with Covenant
Development Inc., has broken ground to begin construction of 33 homes
in San Jacinto, an agreement worth $4.6 million.
This project is the first phase of a total 76-home project, with a
combined gross sales value of $11 million. These building sites are
owned by a limited-liability corporation, of which Peacock Development
is a 50 percent managing partner.
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