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Newsroom - Clients - PLMA
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
Palomar Enterprises, Inc.
Palomar Enterprises Updates Shareholders
CARLSBAD, Calif., May 8 /PRNewswire-FirstCall/ -- Palomar Enterprises, Inc. (OTC Bulletin Board: PLMA - News), has provided the following update on the business of Palomar Enterprises and The Company's wholly-owned subsidiary, The Blackhawk Fund (OTC Bulletin Board: BHWF - News).
Today, we are updating our shareholders on the status of all of our businesses and our strategy for the next several months. This update is not just applicable to Palomar, but our wholly-owned subsidiary, The Blackhawk Fund. Despite our ups and downs in the market over the last couple of months, our businesses are growing rapidly. Our strategy of building value for our shareholders by restructuring and re-organizing our Companies, increasing and diversifying our revenue streams, acquiring new, exciting businesses is on course for the rest of 2007 and beyond. While we have accomplished a great deal over the last few months, we still have much work to do. We have a number of exciting developments that will be announced over the coming weeks; but we also believe we are still in the very early stages of our growth and getting our Companies to where we want them to go. Our businesses, strategy and growth initiatives are outlined as follows:
Income: It is important to realize that Palomar's wholly-owned subsidiary, The Blackhawk Fund is expected to generate more revenue this year than in The Company's entire history. Because of the ownership of Blackhawk, Palomar will book Blackhawk's revenue as well. This will give Palomar an expected revenue stream of $10 million dollars for 2007.
Capital Structure: Our latest 10K that was filed showed the Company has 523 million shares outstanding. This increase was from the conversion of preferred shares into common stock. Of the total shares outstanding (523M), approximately 75% of these shares are subject to restriction indefinitely. In fact, only 1% PER QUARTER of these shares can be registered for sale. These shares are held by officers of the Company, no one else.
Foreclosure Business: We are concentrating our efforts in the real estate foreclosure market in various locations with a special focus on the lucrative areas in southern California. Palomar is taking advantage of the cycle we are currently in, by staying ahead of the curve and buying as many foreclosures as possible that make economic sense to re-sell at a profit. As we have announced before, we expect to have record revenues for 2007.
New Foreclosure Fund: We are in the process of setting up a new fund that we will transfer all of Palomar's foreclosure business into. We are close to an agreement to obtain a publicly traded vehicle to merge the new fund into. Once this has occurred, a dividend of the new fund will be paid to Palomar shareholders. We expect this to be completed later this year. Once this has occurred, Palomar Enterprises will be in effect, a holding company. This will enable Palomar to acquire new businesses in the future and spin them off into their own publicly traded companies. And, yes, the plan is to pay dividends to Palomar Shareholders. It is our strategy to build value into Palomar by making it a holding company and the value being that by owning Palomar, shareholders will be able to own stock in several quality companies.
Stock Dividends: As announced last week, we will be paying our second quarterly dividend to Palomar shareholders on July 11 2007 with an effective date of June 22, 2007. We have acknowledged that there were delays in paying the first dividend. These delays were primarily to ensure that only the rightful owners received the dividend of The Blackhawk Fund. We have streamlined the process now and expect that the next dividend will be paid on time.
No Reverse Splits
As mentioned in our last shareholder update, we have no intention of doing a reverse split or anything else that would decrease the value of our stock. It is The Company's intention to increase shareholder value through the actions outlined above, as well as through the appreciation of PLMA.
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.
INVESTOR RELATIONS (800) 953-3350
CONTACT1@PALOMARENTERPRISES.COM
WWW.PALOMARENTERPRISES.COM
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Palomar Enterprises, Inc.
Palomar Enterprises, Inc. is a California-registered real estate brokerage firm. The company provides real estate brokerage services to buyers and sellers of residential real estate properties throughout Southern California. Additionally, the company buys and sells distressed properties for its own portfolio while acting as a principal investor in a publiclytraded business development company, The Blackhawk Fund (BHWF:OTCBB).
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