Palomar Enterprises, Inc. Corporate Update and Quarterly Review CARSON CITY, Nev., Aug. 23 /PRNewswire-FirstCall/ -- Palomar Enterprises, Inc., (OTC:PALL) (BULLETIN BOARD: PALL) has released the second quarter financial report. The company has had a record quarter in many statistical categories. The company reported revenues from all three operating divisions: real estate sales & home loans, property acquisition and development and Prize Pizza: Tempe, AZ. The company is still operating at a loss, but expects the next twelve to twenty-four months to see continued improvement in terms of increased revenues, expanded operations and continued acquisition of assets. During the second quarter of 2004, the company reported: a. its real estate and home loan revenue continue to increase b. its property acquisition group successfully bought and sold a property and secured an office complex c. its Prize Pizza: Tempe, AZ. facility opened and began to produce revenue d. the beginning of a new revenue stream via the purchase of secured auto contracts that increase the asset base and add an additional revenue stream. Palomar Enterprises, Inc., continues to execute their business plan and is positioning itself for continued growth and expansion. For more information: go to: http://www.palomarenterprises.com/ 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: Palomar Enterprises, Inc., +1-775-887-0670, Web site: http://www.palomarenterprises.com/

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