PCBM news out this morning...inside...
(BW)(FL-PINNACLE-BUSINESS) Pinnacle Business Management Expands Focus With Auto
Mall Acquisition; Holding Company Takes Control of Successful Pennsylvania Business
Business Editors
CLEARWATER, Fla. & PITTSBURGH, Pa.--(BUSINESS WIRE)--Sept. 6, 2000--In the first step in its development as
a multi-industry, multi-market holding company, Pinnacle Business Management (OTCBB: PCBM) has entered into a letter of
intent to acquire the All Pro group of companies, a Pittsburgh, Pa. area automotive dealership, AT&T Wireless provider and
NEC telecommunications distributor.
Under terms of the $19.5 million deal, PCBM will acquire All Pro group of companies (located on Route 19 South in the
Western Pennsylvania community of Peters Township) from the private firm of Lo Castro & Associates. According to PCBM
president Bruce Hall, the deal includes $12 million in hard assets. Also, as a part of the transaction Lo Castro & Associates
founder Vincent Lo Castro will become a board member of PCBM.
Within a 30,000-square-foot, three-story building, All Pro houses a number of interrelated businesses, including a
pre-owned car dealership, a Daewoo automobile showroom and a Zimmer dealership. In addition, it has a full parts, service
and auto repair center. Also included in the transaction are All Pro Wireless, an authorized AT&T Wireless provider with a
14-year customer base, and All Pro Communications, an NEC-authorized business communications firm which handles sales,
installation, service of telecommunications products and is a provider of long distance services.
"The vertical integration of our interests into businesses related to PCBM's prior activities is a step we have been looking to
make," said Hall. "Vince Lo Castro and his team have done an outstanding job building the customer base of All Pro Auto Mall
and we see this as an opportunity to balance our overall business and diversify our revenue streams to the benefit of all of our
companies."
All Pro holds a Pennsylvania banking license and frequently finances its own car sales with an extensive "buy here - pay here"
portfolio. Combined, the All Pro business accounted for approximately $15 million in sales in 1999. The automobile dealership
has been operating for 13 years and was owned by Lo Castro and Associates for the last three years.
In announcing the acquisition, Hall indicated that the entire All Pro management team will remain in place. "The management
team has been together with me for almost two decades," said Lo Castro. "They are an excellent group of talented people who
do an outstanding job."
Pinnacle CEO Jeff Turino said that the company is exploring options to integrate the All Pro banking license as part of the
national expansion of Fast PayCheck Advance, another PCBM company.
About Pinnacle Business Management
Pinnacle Business Management (OTCBB: PCBM) commenced operations in 1996 in Florida. A holding company focused
on a broad and deep expansion across many markets, PCBM operates Fast PayCheck Advance, a firm that offers individuals
secured short-term loans and is licensed to operate in nine states. For more information log onto www.pcbm.com or call
877-877-9307.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, 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 the 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.
--30--jae/ix*
CONTACT: The Pollack PR Marketing Group
Robert Parry, 310/556-4443 (Media)
rparry@ppmgcorp.com
or
Mandel Consulting
Cynthia Mandel, 954/973-3493 (Investor)
cmandel@bellsouth.net
KEYWORD: FLORIDA PENNSYLVANIA
INDUSTRY KEYWORD: AUTOMOTIVE BANKING RETAIL TELECOMMUNICATIONS
MERGERS/ACQ
M news out this morning...inside...
AI
