PINNACLE BUSINESS MANAGEMENT - Records Operating Profit in Second Quarter; Vincent Lo
Castro Funds - $1.6 Million Net Into PCBM'S All Pro Group Subsidiary
Vancouver, BC, Aug 21, 2001 (Market News Publishing via COMTEX) -- Pinnacle Business Management has
announced that the company recorded an operating profit for the second quarter of the year. In addition, Chief Operating
Officer Vincent Lo Castro has invested approximately $1.6 million in the company since his All Pro Group was acquired
by PCBM in January of this year. The personal injection of funds will not result in any dilution of the shares in the
company, and Lo Castro will receive no additional shares in return.
The financial figures, which were recorded in PCBM's latest 10Q filing, are the company's first profitable operating
numbers in a quarterly filing. They come on the heels of the seventh consecutive monthly profitable showing from
PCBM's All Pro Group business unit.
"I believe that there is no better place that I could invest right now than PCBM," said Lo Castro. "I believe in this company
and our loyal shareholders," he said, adding, "I am very pleased that this filing shows that PCBM has an operating profit
and I believe this shows that the company is headed in the right direction. I believe that this day will be marked as the
beginning of PCBM's future."
In describing the cash investment he has made, Lo Castro said, "This is not a loan tied to stock. The company can repay
me in the future under the terms of our initial acquisition agreement."
Lo Castro's latest infusion of funds has been directed to repaying a portion of a $1 million credit facility currently open at
PCBM's All Pro Group. Another $1.5 million credit line will be paid down to $850,000, with the balance secured by a
third-party bank note maturing in August of 2002 that Lo Castro will assign.
These transactions have a positive effect on the working capital Lo Castro has placed in the company since his All Pro
Group was acquired by PCBM in January of this year.
About Pinnacle Business Management
Pinnacle Business Management (Pink Sheets: PCBM) commenced operations in 1996 in Florida. The company operates
Fast PayCheck Advance, a firm that offers instrument-for-instrument paycheck advance transactions. Fast PayCheck
Advance is licensed to operate in nine states. The company also operates the All Pro Group of Companies, a collection of
interrelated businesses in Western Pennsylvania that includes several automobile and telecommunications entities.
For more information, call Cynthia Mandel at 954/973-3493.
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
Litigation 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. |
