Pinnacle Business Management Signs Contract to Purchase All Pro Group of Companies

28 December 2000

Pinnacle Business Management Signs Contract to Purchase All Pro Group of Companies

    CLEARWATER, Fla.--Dec. 28, 2000--Pinnacle Business Management (pink sheets:PCBM) has announced that it has signed a contract to purchase the All Pro Group of Companies from Lo Castro & Associates. The acquisition is to become effective as of Jan. 1, 2001.
    Terms of the contract were not discussed. However it was announced that Lo Castro & Associates founder Vincent Lo Castro will become a member of the PCBM board of directors and continue his involvement with All Pro's day-to-day operations to promote revenue growth.
    The All Pro Group of Companies had unaudited revenues for the third quarter ending Sept. 30, 2000 of over $3.5 million. The unaudited total for the previous nine months ending Sept. 30, 2000 was over $8 million.
    The All Pro Group of Companies comprises four major divisions. They include the All Pro Auto Mall, a buy-here, pay-here pre-owned car dealership and Daewoo automobile franchise. The All Pro Auto Mall is located in a 30,000-square-foot facility on prime commercial real estate on Route 19 South in Peters Township, Pa.
    Other entities in the All Pro Group of Companies are: All Pro Wireless, an authorized AT&T wireless service provider with a customer base that is two-decades strong; and All Pro Communications, a NEC-Authorized communications firm specializing in business-to-business telecommunications solutions. The company also offers fiber-optic and closed-circuit television systems, design, installation and service; and Lo Castro and Associates, the managing company of the New Auto Toy Store Group and affiliates. The New Auto Toy Store Group is one of the world's largest pre-owned exotic car dealerships. It is based in Ft. Lauderdale, Fla.
    "Bringing the All Pro Group of Companies into the Pinnacle Business Management structure is a terrific step forward for our shareholders and overall plan," said Bruce Hall, president of PCBM. "Our strategic direction is focused on the acquisition of a diverse group of robust businesses -- much like All Pro. Each of these divisions is exactly that type of business." He added, "this acquisition helps us build the comprehensive, value-maximized stable of companies we have long sought."
    Founder Vincent Lo Castro started Lo Castro & Associates in 1996 after a successful 12-year career as founder and CEO of ATI communications. During that time, he built the company to more than 1000 employees with over 150 direct and retail kiosk locations operating in eight states including Pennsylvania, New Jersey, Ohio, Virginia, West Virginia, Virginia, Delaware and Maryland. ATI was acquired by Comcast/Metrophone and Applied Cellular Technology in 1996.
    "Many of the upper management staff that helped me build ATI are still with me today," said Lo Castro. "We are all looking forward to the opportunity to making this successful business model a part of PCBM's overall successful performance, and increase the company's value through the growth of core fundamentals. Our two-track course of action is planned to include both internal expansion and, where appropriate, additional acquisitions."

    About Pinnacle Business Management

    Pinnacle Business Management (pink sheets:PCBM) commenced operations in 1996 in Florida. The company operates Fast PayCheck Advance, a firm that offers instrument-for-instrument paycheck advance transactions. Fast PayCheck Advance is licensed to operate in nine states and has applications for licensing pending in 20 other states. For more information call Cynthia Mandel at 954/973-3493.

    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.