Pinnacle's short-term goals include expanding to 25 title loan locations that will be fully operational by the end of December 1998, the company currently operates eight title loan and paycheck advance locations. In addition, Pinnacle plans to begin expansion into New Jersey in the the first quarter of 1999, with a company wide growth to 58 fully operational locations by the second quarter of 1999. The company has secured low cost loan capital to increase its current and future profits. With the additional locations, outstanding consumer loans should exceed a monthly value of $2.5 million by the end of the first quarter of 1999.
The primary source of income for Pinnacle Business Management is Fast Title Loans Inc. Fast Title Loans is a consumer loan company that presently operates fifteen title loan offices in Central Florida. Fast Title Loans has a current commitment and is in the process of expanding it's locations by an additional fifty-eight locations by the end of the 1st quarter of 1999.
The title loan market in Florida has undergone rapid growth in the past two years as a result of legislative changes promoting the title loan business in the State of Florida. At present, seventeen other states allow title loan business in the State of Florida. At present, seventeen other states allow title loans and at least two other states have pending legislation that would open those markets as well. Pinnacle Business Management, Inc. has retained lobbyists to ensure that favorable government regulation remains intact, therb allowing growth by favorable legislation.
"Fast Title Loans Inc"., as a subsidiary of Pinnacle Business Management, is the only publicly traded company writing title loans, giving it a distinct advantage over the competition. The payment plans are flexibly designed to meet the need of each customer. Based on the company's present sales and growth rate, it is anticipated that by the end of the fourth quarter 1998, Fast Title Loans, Inc., will have exceeded 1 million of outstanding loans generating a cash flow in excess of $200,000 per month.
"Fast Paycheck Advance Inc"., this Pinnacle subsidiary makes one week or two week advances to individuals, that need a small amount of cash until their next payday. This in not a check cashing transaction. We do not take their payroll check and give them cash in return. This transaction uses certain documents to verify the client's income and makes a loan to the client until their next pay period. This transaction can be described as "Payday Loan" "Payroll Advance", Deferred Deposit Transaction", or "Paycheck Advance".
Pinnacle's real estate division, "Summit Property Group Inc"., currently owns numerous rental properties in the metropolitan Tampa Bay area. The company's vision for its real estate division is to close on current contracts that will allow the purchase of a mix of large commercial properties that are leased and maintained currently by a high profile management team. Leases and property values currently under contract will increase the net assets of Summit Property Group by approximately 8 million with a normal operating income of 1.5 million per ear. These additional properties and the associated income stream will enable Pinnacle to apply for a NASDAQ listing in the beginning of 1999.
Phone - 727/669-7781 Fax - 727/669-5912
CEO - Jeff Turino
President - Bruce Hall
Operations Officer - Joe Vallone
CFO - Fred Schultz
Web page: pcbm.com