VANCOUVER, British Columbia, Jan. 10, 2005 (PRIMEZONE) -- Pinnacle Developments Inc. (Pink Sheets:PNCV), has announced that it has closed on a $5.000,000 U.S. private placement financing arrangement with Boston-based Duchess Private Equities Fund, II, L.P. The funds will be used to support ongoing operations, as well as business development activities.
The agreement provides for access to funding for 36 months from the application date and is tied in part to the price and volume of Pinnacle's stock. This capital will be utilized in part for improvements to increase efficiency in the operations of a recently acquired company called Cantech Fibre Inc. Part of the funding will also be used for an upcoming acquisition of a value added wood manufacturing plant that will further support Pinnacle's integrated approach. Duchess Capital Management has also indicated interest in the possibility of follow-on funding of a further $5,000,000 U.S. as Pinnacle progresses.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities 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.