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Wednesday January 20, 11:27 am Eastern Time
Company Press Release
SOURCE: Pinnacle Business Management Inc.
Pinnacle Business Management Announces Acquisition
CLEARWATER, Fla., Jan. 20 /PRNewswire/ -- Summit Property Group, a wholly owned subsidiary of Pinnacle Business Management (OTC Bulletin Board: PCBM - news), www.PCBM.com , has announced their securement of block financing that will permit the first stage in the rapid expansion of Pinnacle's commercial real estate division, Summit Property Group. Summit Property Group currently owns numerous properties in the Tampa Bay area. The new commercial property in the acquisition phase is appraised at $4 million. Leases and property values under contract will increase the net assets of Summit Property Group by approximately $4 million with a normal operating income of $700,000 per year. This expansion of the commercial real estate division is a lateral move to strengthen Pinnacle's overall market share and support of the company's long- term vision of becoming a leader in the industry. Jeffrey Turino, CEO, stated, ''We believe by being able to acquire strategically selected commercial properties greatly benefits the long-term growth of all our shareholders.'' Pinnacle Business Management also plans significant infrastructure improvements with the expansion of an additional 25 stores and further acquisitions in the commercial real estate division in 1999.
Pinnacle Business Management is in the process of becoming a fully reporting company and will have the proper paperwork filed sometime in the first quarter of 1999. Pinnac1e Business Management Inc. is a holding company that operates through its subsidiaries Summit Property Group Inc., a commercial real estate division; Fast Title Loans Inc.; and Fast Paycheck Advance, which are both consumer lending divisions.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the new uncertainty of future financial results, additional financing requirements, the impact of competitive products, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
SOURCE: Pinnacle Business Management Inc.
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