News Just Out!
Pinnacle Business Management, Inc. Acquires E-Commerce Software Company; New Subsidiary to Cover Design and Marketing
March 31, 1999 10:24 AM
CLEARWATER, Fla.--(BUSINESS WIRE)--March 31, 1999--Pinnacle Business Management, Inc. PCBM announced Wednesday that it has acquired Matrix Technologies, Inc., including the existing revenue stream, proprietary rights and beneficial ownership of two significant software product lines. The new subsidiary will still be named Matrix Technologies, Inc. It will oversee the ongoing development, marketing and licensing of these and other Pinnacle Business Management, Inc. software innovations. Further information regarding the existing Matrix Technologies, Inc. revenue base and sales projections will be released upon completion of the merger and accompanying audit activities in the Second Quarter 1999.
Matrix Technologies, Inc. contains the resources with which the Internet/Extranet loan administration package mentioned in the PCBM March 30, 1999 Press Release was developed. The Extranet backbone and Internet/E-Commerce applications contain embedded technologies which have universal application potential and can be integrated into a wide variety of computer systems to produce a faster, more efficient program while leaving user screens unchanged. This eliminates the need to retrain personnel while at the same time increasing overall human and machine productivity.
In addition to the loan administration application, Matrix Technologies, Inc. brings to the table a proprietary travel and booking application. This software, and its accompanying backbone, presents to the corporate or municipal client the ability to efficiently and quickly coordinate an infinite number of combined physical facilities, travel/lodging reservations services, recreational resources, and entertainment or special events. It readily interfaces with existing systems and has the capacity to draw data from and coordinate the activities of an entire resort, airline group, or vacation region. The current version of this system is being used at client venues in the cities of Fort Lauderdale, Cincinnati, St. Louis and Tampa.
"This acquisition represents the attainment of 75% of Pinnacle Business Management's infrastructure goals for 1999. By integrating the travel product with our present software technology inventory end-users will be able to make reservations and pay for them via E-commerce transaction. It will simultaneously coordinate Internet consumer activities with real-time telephone bookings, capacity management, and administrative physical and financial management functions. In simple terms, it will be easier, faster and friendlier for consumers and business clients alike to coordinate leisure and travel activities with their time and budgets. Also, administrators will manage and interpret sales and use data and plan for the future better, and it will be easier for clients' software developers to make upgrades and changes to existing systems," said Jeffrey Turino, CEO of Pinnacle Business Management, Inc.
Pinnacle Business Management, Inc. PCBM is a publicly traded holding company. PCBM operates through its subsidiaries Fast Title Loans, Inc., Fast Paycheck Advance, Inc., and Summit Property Group, Inc., a commercial real estate division. Proprietary software and hardware is developed for application in subsidiaries and franchises through ATI, the acquisition of which is in its final stages. ATI is also a developer and provider of retail and E-Commerce cash transaction management software and services. PCBM intends to consolidate a fragmented industry with over 6,000 independent companies into a cohesive, self-contained alternative consumer cash resource.
PCBM intends to become a reporting company by the end of Second Quarter 1999. Growth 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 , Excite , Lycos or Infoseek and shopping networks such as Amazon , E-Bay , Dell Computer Corp. , Ticketmaster Online , Bid.com Inc. , Onsale Inc. , Ubid Inc. or USA Network Inc.'s Home Shopping Network. .
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.
Contact:
Peter Reinholt - Pinnacle Business Management, Inc. - Business
Development Department
Phone: 727/669-7781 - Address: 2963 Gulf to Bay Blvd., Suite 265
Clearwater Florida 33759
Key Words: banking finance E-Commerce franchise consumer cash Internet
Extranet growth leisure travel entertainment facilities management |
