BELLINGHAM, Wash., Nov. 2, 2005 (PRIMEZONE) -- The management team of Pinnacle Developments Inc. (Pink Sheets:PNCV) is pleased to report the acquisition of mill production equipment for restricted shares in the company.
Pinnacle Developments Inc. entered into an agreement with Mr. Carl Baker, CEO, to acquire mill production equipment worth $300,000 in exchange for 650,000 common shares. The company is considering shipping this equipment to the Philippines to set up a mill, taking advantage of a high quality source of wood and low-cost labor. This production facility will be commissioned to make laths for the North American market, a high-margin specialty wood product currently in high demand by major forest companies.
Management of Pinnacle Developments has identified this niche market as under-serviced and very lucrative, having the ultimate potential to add over $1 million in annual earnings to the company's bottom line. (Please see the company's announcement of October 24, 2005 for additional details).
Please visit the company's Web site http://www.pinnacledevinc.com/ for further information.
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.