posted
Palomar Enterprises Restructures Stock Structure to Obtain Funding for New Real Estate Fund Tuesday April 3, 11:31 am ET Company Preparing to do Second Spin Off to Shareholders
CARLSBAD, Calif., April 3 /PRNewswire-FirstCall/ -- Palomar Enterprises, Inc. (OTC Bulletin Board: PLMA - News), today announced a restructuring of their stock in order to fund their new Real Estate Fund and to prepare this fund to become a publicly traded entity. The Company's outstanding shares were recently increased from the conversion of Preferred shares into common stock. The shares converted are held by the officers of The Company and subject to affiliate restrictions. Palomar's capitalization has made it possible to attract quality financing for The Company's Foreclosure Fund, which specializes in buying and selling foreclosures throughout the United States. The Company has entered into discussions with Investment Banks regarding growth capital that will be favorable to The Company's stock price. ADVERTISEMENT
It is Palomar's intention to take this new Foreclosure Fund public as soon as the funding is complete. A dividend of this new Fund will then be paid out to Palomar's shareholders. This would be the second Company in which Palomar would distribute dividends to its shareholders.
"While our latest 10K indicates 523 million shares outstanding, the float still remains virtually the same prior to the conversion of these 400 million restricted shares held by the officers of The Company. The Company intends on keeping the publicly traded float tight as we move forward, to allow for appreciation in the stock price as The Company grows," stated Brent Fouch, CFO of Palomar Enterprises. "We also believe that by getting this new Foreclosure Fund up and running, we can greatly increase our bottom line as well as pay our loyal shareholders another dividend of stock in the new Fund," said Fouch.
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.
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
