PNRR news out Pinnacle Resources Acquires Iron Eagle Group
Pinnacle Resources, Inc. (OTC Pink Sheets: PNRR.PK) (“Pinnacle”), announced that on January 8, 2010, it acquired Iron Eagle Group (“Iron Eagle”), a company founded by a coalition of senior managers to provide construction and contracting services
Iron Eagle believes that through utilizing the public capital markets, it will have access to capital to support increased needs for construction surety bonds. In addition, Iron Eagle’s management team believes it can achieve significant growth levels through highly focused targeting of federal, state, and municipal construction projects
The shares issued to Iron Eagle as part of this transaction will be kept in escrow until Iron Eagle acquires one or more companies with a combined 2009 EBITDA (earnings before interest, taxes, depreciation, and amortization) of $1.8 million. If within nine months, Iron Eagle does not fulfill this requirement, the shares will be released back to Pinnacle
Glen Gamble, Chairman and President of Pinnacle Resources, commented, “Iron Eagle Group has developed a highly focused strategic plan. We believe they have the capabilities and vision to create significant value for the shareholders of Pinnacle Resources. Furthermore, we are confident in Iron Eagle’s ability to fulfill the EBITDA requirement of this transaction.” Jason Shapiro, Co-Founder and CEO of Iron Eagle Group, added, “Iron Eagle is committed to providing superior construction services. Our team is dedicated to winning significant contracts and fulfilling the needs of our customers.” About Pinnacle Resources Pinnacle Resources, Inc. is a former international natural resources company that specialized in emerging mining and mineral development projects. Pinnacle became a publicly traded company on July 15, 1999 and is traded on the Pink Sheets under the symbol PNRR. The Company is also listed on the Frankfurt Exchange under the symbol PIN
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