BELLINGHAM, Wash., Oct. 26, 2005 (PRIMEZONE) -- The management team of Pinnacle Developments, Inc. (Pink Sheets:PNCV) is pleased to report the following updates to investors.
Pinnacle Developments, Inc. is pleased to announce the acquisition of a hardwood lath importing business from Carl Baker, CEO of Pinnacle Developments, Inc. for 800,000 restricted common shares. These lath are manufactured in the Philippines utilizing low labor cost and high grade falcate lumber quality. Currently, the business is importing three container loads per month for sale into the British Columbia, Canada marketplace. Pinnacle's intention is to market directly to the major forest products companies in western Canada and the Pacific Northwest. This will move the net earnings for the three containers per month to $15,000 or $180,000 per year. The British Columbia market place can support 60 containers of lath per month and Pinnacle anticipates moving from a current three containers per month to 10 containers per month within the next 90 to 120 days with the objective to capture 30% of the market in the near term. Once the 10 containers per month is achieved, this may provide earnings of $50,000 per month or $600,000 on an annual basis. By securing 30% of the marketplace, Pinnacle may experience $90,000 in earnings per month or $1,080,000 per annum.
At the same time, management is in advanced stage negotiations with a major financial institution for the acquisition of the Ft. St. James mill in British Columbia, Canada. Once this process is finalized the company anticipates production and revenues to commence shortly afterwards.
The financials for Pinnacle Developments Inc. are currently being audited in preparation for SB2 disclosure application with the SEC for approval to move to the OTCBB. The audit is expected to be complete within the next two to three weeks.
Please visit the company's website http://www.pinnacledevinc.com/ for further information.
Certain statements contained herein are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.