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To: Jeffrey S. Mitchell who wrote (5026)	8/20/2003 9:29:09 PM
From: StockDung	Respond to of 12465

UPDATE: PINNACLE BUSINESS MANAGEMENT, INC. (Pink Sheets: PCBM) – NO PRO AND NO DOUGH. August 20, 2003 What is there left to say about a Company whose shares trade at one hundredth of a cent? Maybe just this. On August 4, 2003 Pinnacle Business Management Inc. disclosed that it no longer had any assets, operating business or source of revenue. For those who have been following Pinnacle the announcement came as no surprise. The Company has long been in default on its obligation to pay for its only operating assets – a pair of auto dealerships and related businesses in Western Pennsylvania that it acquired from Vincent and Kim Lo Castro in January 2001. Although the Company issued press releases in March 2002 claiming promising results from its auto sales operations operations, and promised to file audited financial statements reflecting those revenues, Pinnacle has not filed financial statements with the Securities and Exchange Commission since August 2001. An April 2002 promise to spin-off those dealership assets as a separate public company remains unfulfilled. (See 3 E International Corp. Part I – Lighter Than Air; 3 E International Corp. Part II – Falling From The Pinnacle; 3 E International Corp. Part III – From All Pro To All That Dough; and Update: 3 E International Corp. and Pinnacle Business Management, Inc. – Less Than Meets The Eye; Update: Pinnacle Business Management, Inc. – R.I.P?; Update: Pinnacle Business Management, Inc. – Trading, No. Fraud Claims, Yes.; Update: 3 E International Corp. – Coming Up Short; and Update: 3 E International Corp. – What Short Position? And there is no sign that Pinnacle was successful in its announced plan to spin-off a purported real estate business called Corbel Holdings, Inc. to another obscure pink sheet company, 3 E International Corp. (Pink Sheets: TEIL) – or that Corbel ever conducted an operating business. Pinnacle finally has filed a report with the SEC. Just not the one shareholders had been hoping for. In a Form 8-K filed on August 13, 2003 (and dated August 11th) the Company disclosed that it has been in default on its obligation to pay more than $7 million to the Vincent LoCastro Irrevocable Trust for the assets acquired from the Lo Castros. Pinnacle even defaulted on a forbearance agreement with the Lo Castros. Now the Trust has foreclosed and taken over Pinnacle’s “only operating business” – whatever that was. The Company says that the Lo Castros “are in the process of returning” about 2.1 billion shares of Pinnacle stock. It did not say what was delaying delivery of those shares. Not surprisingly, Vincent Lo Castro has resigned from Pinnacle’s management team. As has the Company’s CEO Jeffrey Turino – or so the Form 8-K claims. In yet another Pinnacle oddity, the Form 8-K was signed by Turino as CEO. Just can’t get away, can he. ©2003 Stock Patrol.com. All rights reserved. WE'RE BACK ON PATROL