PGPU is pleased to announce a definitive agreement for the purchase of all the assets and liabilities of Maverick Energy Group, Inc. in exchange for 95 million of Pinnacle's treasury shares
"We are confident this transaction will translate into improved value for our shareholders and provide us with an exciting opportunity to move forward through association with a dynamic industry and strategically positioned and progressive partner" said Ronald Kopman, CEO of PGPU
Richard Bednar, president of Maverick Energy Group, states: "In our opinion, this new partnership will now have the abilities for acquisitions and capital not previously available. We look forward with great anticipation in achieving significant and rewarding growth within this vital and globally significant industry"..
Maverick's management team will assume management of PGPU as part of the transaction. The full terms were not immediately disclosed.
The deal is pending an amendment of PGPU's Articles of Incorporation in Nevada. Closing is scheduled for March 30, 2006.
Maverick Energy is the operator of the 'Big Foot Field" in West Texas originally developed by Royal Dutch Shell (RDS-A on NYSE) as well as proprietary owner and operator of several natural gas fields in West Virginia.
PGPU is a publicly held holding company formed for purchase and acquisitions that best appreciates shareholder value.
Further information can be found at www.pinnaclegli.com or www.maverickenergy.com
or www.pinksheets.com
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the energy fuel market; including the energy economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
For further information, please contact:
Ronald Kopman
President of Pinnacle
(416) 371-1357
Ronkopman7@sympatico.ca
Source: Pinnacle Group Unlimited Inc.
Maverick Energy Group Inc.