Pinnacle Business Management, Inc. 20% Stock
Repurchase Plan Announced; Repurchase Program
Approved by Board of Directors
Business Wire - May 13, 1999 09:35
CLEARWATER, Fla.--(BUSINESS WIRE)--May 13, 1999--Pinnacle Business
Management, Inc. (OTC BB:PCBM) (http://www.pcbm.com) announced Thursday its
Board of Directors approved a Stock Repurchase Plan under which PCBM is authorized
to repurchase up to 20% of its current outstanding shares over the next nine months. The
repurchases will be made mainly via the open market public float as well as in private
transactions.
The primary intent of the repurchase program is to offset dilution associated with recent
financing and acquisitions as well as proposed employee stock purchase and stock option
plans. In issuing this announcement, the Board of Directors expressed confidence in the
future direction of Pinnacle Business Management, Inc.
"Considering current market prices and our analysis of trading activity in our stock, we
believe PCBM is undervalued and the repurchase program is a good investment of
available funds. With PCBM's strong Strategic Plan and its funding continuing at or ahead
of schedule, the stock repurchase program presents an ideal opportunity to enhance
shareholder value at this point in time," said Bruce Hall, President of Pinnacle Business
Management.
PCBM intends to apply to become a reporting company this quarter and plans to qualify
for a NASDAQ Small Cap listing by the end of this fiscal year. Growth plans will continue
to be financed through public and private sources. Additional information is available
through the company's investor web site
(http://www.internetstockmarket.com/corpprof/p/pcbm.html) or by calling the contact
below.
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: Pinnacle Business Management, Inc., Clearwater
Peter Reinholt, 727/669-7781 |
