August 26 , 2010
Iron Eagle Group (IEAG) Announces Satisfaction of Performance Obligations Per January Exchange Agreement
New York, NY – August 26, 2010 - Iron Eagle Group, Inc. (OTCQB: IEAG) today announced that the remaining performance obligation required under the January 2010 exchange agreement between Iron Eagle Group, a Nevada corporation, its shareholders, and Iron Eagle Group, Inc. (formerly Pinnacle Resources, Inc.), a Delaware corporation, has been satisfied.
The consideration for the transaction, the share exchange, was completed in January. At that time shareholders of Iron Eagle Nevada exchanged their shares for shares of Iron Eagle (formerly Pinnacle Resources). As part of the agreement, i) the shares previously held in escrow have been released and ii) Glen Gamble, former chairman of the board and Dutch Hildebrand, former director and chief financial officer have resigned as officers and directors of Iron Eagle.
Glen Gamble commented that “it was the right time to hand off the baton to the new Iron Eagle management team. They are indeed professionals and well qualified to implement the business plan for going forward into the heavy construction arena”.
Dutch Hildebrand added, “Iron Eagle’s new, innovative business plan will attract interest from the investing public, and that its new well-known officers and directors will enhance Iron Eagle’s access to the investment banking community.”
“This is a big day for Iron Eagle. It provides further evidence that Iron Eagle has continued to deliver on its promises and continues to build momentum,” commented Jason Shapiro, co-founder of the former Iron Eagle Nevada and current director, and executive vice president of corporate strategy for Iron Eagle. He further added “We have been privileged to work with Mr. Hildebrand and Mr. Gamble. We are appreciative that they will stay involved as consultants to Iron Eagle during the transition.”
