VOLUME ALERT! .... COMTEX B: Pinnacle Business Management, Inc. to Acquire E-Commerce/B: Pinnacle Business Management, Inc. to Acquire E-Commerce/Retail Software &
Services Company; Phase Two of 1999 Growth Plan Underway
CLEARWATER, FLA. (Feb. 19) BUSINESS WIRE -Feb. 19, 1999--Pinnacle
Business Management, Inc. (OTC BB:PCBM - pcbm.com) announced
Friday that they have signed a definitive Letter of Understanding which
will allow the company to acquire Affirmative Technologies Inc., a
Florida company headquartered in Clearwater, Florida.
ATI is a developer and provider of retail and E-Commerce cash
transaction management software and services. Affirmative Technologies
will become a wholly owned subsidiary of Pinnacle Business Management,
Inc. It will be responsible for software development, licensing,
customizing, and external and internal transaction management. ATI has
agreed to combine the contracts under negotiation and other ongoing
relationships into the new subsidiary. Terms of the agreement were not
disclosed.
"This key acquisition starts the second phase of our 1999 Strategic
Plan, which includes the development of a secured, full-scale
transaction management and branded Cash Card vehicle for our company.
This will enable us to better control future growth and achieve our
goals. We will become a fully integrated provider of alternative
consumer cash resources and a key provider of E-Commerce cash and
checking transaction services through expanding our location count,
client base and technology base both domestically and internationally,"
said Bruce Hall, President of Pinnacle Business Management, Inc.
This new technology base takes advantage of the ongoing growth of
E-Commerce popularity and will enable purchasers to easily use personal
checks or Pinnacle's easily available, branded Cash Card on the
Internet. The realm of E-Commerce can then include consumers who
cannot, do not, or will not use Credit Cards for purchases. This
proprietary technology will also enable merchants to be paid faster,
and goods will be shipped sooner.
In Phase Three, Pinnacle Business Management, Inc. intends to
consolidate a fragmented industry with over 6,000 independent companies
into a cohesive, self-contained consumer cash resource. In order to
effect its growth strategies, Pinnacle Business Management, Inc. is
expanding its market penetration internationally through aggressive
pursuit of acquisitions, rollups, and affinity franchises.
Announcements regarding Phase Three and its details are scheduled for
Second Quarter 1999.
Pinnacle Business Management, Inc. (OTCBB: PCBM pcbm.com) is
a publicly traded holding company with a limited public float. It
operates through its subsidiaries Fast Title Loans, Inc. and Fast
Paycheck Advance, Inc. which are both consumer lending divisions, and
Summit Property Group, Inc., a commercial real estate division. These
divisions combine a strong asset base and a strong consumer finance
organization, which contribute to increased income and shareholder
wealth. Pinnacle Business Management, Inc. can be described as being in
the business of lending money on motor vehicle titles and advancing
small loans until payday, with an increasing position in commercial
real estate.
PCBM intends to become a reporting company this year. Growth plans will
continue to be financed through public and private sources. Additional
information is available through the company's web site or by calling
the contact below.
PCBM intends to become the premier facilitator of cash transactions
accessed or found through Internet portals, such as Yahoo
(Nasdaq:YHOO), Excite (Nasdaq:XCIT), Lycos (Nasdaq:LCOS) or Infoseek
(Nasdaq:SEEK) and shopping networks such as Amazon (Nasdaq:AMZN), E-Bay
(Nasdaq:EBAY), Dell Computer Corp. (Nasdaq:DELL), Ticketmaster Online
(Nasdaq:TMCS), Bid.com Inc. (TSE:BII.TO), Onsale Inc. (Nasdaq:ONSL),
Ubid Inc. (Nasdaq:UBID) or USA Network Inc.'s Home Shopping Network.
(Nasdaq:USAI).
Safe Harbor for Forward-Looking Statements: Except for historical
information contained herein, the 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 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.
Key Words: banking finance E-Commerce franchise consumer cash
-0- JS/np* KM/np
CONTACT: Pinnacle Business Management, Inc.
Peter Reinholt
Business Development Department
Phone: 727/669-7781
Address: 2963 Gulf to Bay Blvd., Suite 265
Clearwater Florida 33759
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