CLEARWATER, Fla.--(BUSINESS WIRE)--April 29, 1999--
Pinnacle Business Management, Inc. (OTC BB:PCBM)(http://www.pcbm.com) announced Thursday that they have retained the services of John Gorman, a world-renowned franchising professional. Among his credits are co-founding the Jack-In-The-Box chain and serving as Chief Operating Officer of Taco Bell, Inc.
Pinnacle Business Management, Inc. intends to consolidate a fragmented industry with over 6,000 independent companies into a cohesive, self-contained consumer cash resource. Pinnacle Licensing Systems, Inc. will be run as a wholly owned subsidiary of Pinnacle Business Management, Inc. Its purpose is to consolidate the consumer finance industry using the Pinnacle name the same way that Century 21 did with independent Real Estate Brokers. Using a combination of company-owned locations as well as franchised and licensed locations, Pinnacle plans to expand internationally.
"John Gorman brings to the Pinnacle Business Management mix an excellent source of technical and strategic franchising knowledge and experience. Just as important, he brings an element of maturity and elder statesmanship that will set the tone for the swift and controlled growth of this important division. Through his guidance, we will avoid many of the pitfalls encountered by franchise startups. We will also have access to his vast personal network of industry expertise and contacts in operations, development, sales and control," said Bruce Hall, President of PCBM.
Because of varying state laws concerning Pinnacle's industry and service offerings, the initial approach to expanding operations will be to establish a central, company-owned location for administration and training in each state. From there, franchises, licensees and acquisitions offering the right mix of services to the consumer finance public will be established. Initial plans for 1999 are to install central locations in Illinois, North Carolina, California, Alabama, Georgia, and additional locations in Pinnacle's home state of Florida.
Pinnacle Business Management is in the business of lending money on motor vehicle titles (Title Loans) and advancing small loans payday, as well as cashing checks for the consumer public. Through the use of branded Pinnacle Cash Cards, and recently acquired E-Commerce and electronic funds tracking and transfer technology, Pinnacle will give new opportunities to those consumers who have been shut out of the economic and E-Commerce mainstream for various reasons. For additional details on these and other PCBM activities, refer to the Press Releases at http://www.pcbm.com.
PCBM will become a reporting company by Second Quarter 1999, nine months before SEC deadlines take effect. PCBM intends to qualify for a NASDAQ Small Cap listing by the end of 1999. 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.
