Pinnacle Business Management, Inc. to Acquire E-Commerce/Retail Software & Services Company; Phase Two of 1999 Growth Plan Underway
February 19, 1999 05:00 AM
CLEARWATER, Fla.--(BUSINESS WIRE)--Feb. 19, 1999--Pinnacle Business Management, Inc. PCBM 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. PCBM 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 YHOO , Excite XCIT , Lycos LCOS or Infoseek SEEK and shopping networks such as Amazon AMZN , E-Bay EBAY , Dell Computer Corp. DELL , Ticketmaster Online TMCS , Bid.com Inc. , Onsale Inc. ONSL , Ubid Inc. UBID or USA Network Inc.'s Home Shopping Network. 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 |
