Palomar Enterprises, Inc., Announces the Purchase of $ 1,400,000.00 Office Building
June 21 2004 - 3:45PM
PR Newswire (US)
Palomar Enterprises, Inc., Announces the Purchase of $ 1,400,000.00
Office Building CARSON CITY, Nev., June 21 /PRNewswire-FirstCall/
-- Palomar Enterprises, Inc., (OTC:PALL) (BULLETIN BOARD: PALL) has
successfully exercised the option to purchase the office complex
located at 2850 Pio Pico Drive in Carlsbad, CA. The purchase price
of the property is $ 1,400,000.00. The property adds an immediate $
400,000.00+ net asset to the company balance sheet. In addition,
the property is a revenue source as well. The company will be doing
extensive renovation of the lower portion of the property and will
be moving its entire real estate, mortgage and home loan and
properties groups to the facility. When the renovation is
completed, the facility will be a state-of-art real estate sales
office. (For more information: http://www.thepalomargroup.com/ ).
In conjunction with the purchase of this office complex, the
company also announces it has completed a 100 to 1 reverse split of
its outstanding shares. The company now trades under the symbol:
PALL. The 2850 Pio Pico facility is the second of several planned
real estate acquisitions. The company has set forth as a principle
part of its planned operations, to provide long term value through
asset acquisitions, rental income and revenue generating core
businesses. From time to time, the Company may issue news releases
that contain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, and is subject to the safe harbor
created by those sections. This material may contain statements
about expected future events and/or financial results that are
forward-looking in nature and subject to risks and uncertainties.
For those statements, the Company claims the protection of the safe
harbor for forward-looking statement provisions contained in the
Private Securities Litigation Reform Act of 1995 and any amendments
thereto. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, goals, assumptions, or future events or performance are
not statements of historical fact and may be "forward- looking
statements." "Forward-looking statements" are based upon
expectations, estimates and projections at the time the statements
are made that involve a number of risks and uncertainties that
could cause actual results or events to differ materially from
those anticipated. DATASOURCE: Palomar Enterprises, Inc. CONTACT:
EquitilinkPR, 1-877-788-1940, or , for Palomar Enterprises, Inc.
Web site: http://www.thepalomargroup.com/
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