News out this morning on PCBM, which is currently trading near its 52wk low.
Wednesday December 9, 8:02 am Eastern Time
Company Press Release
SOURCE: Pinnacle Business Management, Inc.
Pinnacle Business Management Announces New Locations
CLEARWATER, Fla., Dec. 9 /PRNewswire/ -- Pinnacle Business Management, Inc. (OTC Bulletin Board: PCBM - news) enters into the first stage of its aggressive expansion by announcing the continued opening of 8 additional locations of Fast Title Loans and Fast Paycheck Advances, Inc. throughout Florida. Pinnacle plans on adding an additional 7 more locations before Dec. 31, 1998, giving them a total of 23 locations for the year 1998. Pinnacle Business Management is currently in the final stages of fulfilling its commitments of expanding to over 50 locations by the first quarter of 1999.
Fast Title Loans is a consumer loan division which allows an individual to obtain an immediate short-term loan, using the free and clear title of the person's motor vehicle as collateral. Credit checks are not required, allowing the customer to retain possession and use of the motor vehicle. The customer base includes individuals and businesses that need immediate short-term financing who wish to avoid the delays normally associated with most traditional financing.
Fast Paycheck Advance, Inc. offers short-term loans from one to two weeks to an individual until he/she gets his/her paycheck. Though this feature is not unique, Pinnacle Business Management is among a handful of publicly traded companies of its kind which will be incorporating this feature throughout the entire U.S.
Pinnacle Business Management, Inc. is in an industry made up of a collective few who are reaping the benefits of secondary-market short-term loans. Pinnacle's current percentage is less than 1/2% of the industry's overall revenue, which is to exceed 2 billion dollars by the year 2000.
Based on present sales projections Pinnacle Business Management anticipates $2.2 million of outstanding loans by the end of the next fiscal year with cash flow projections at $400,000 per month.
SOURCE: Pinnacle Business Management, Inc.
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