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CEO of Palomar Enterprises Announces Second Update to Shareholders
Feb 26, 2007 09:25:00 (ET)
CARLSBAD, Calif., Feb 26, 2007 /PRNewswire-FirstCall via COMTEX/ -- Palomar Enterprises, Inc. (PLMA, Trade ), today has provided an update to the business of Palomar and the completion of Company restructuring.
Today, we would like to update shareholders on the status and growth of all of our businesses not only in Palomar, but all of our associated businesses as well. This includes our wholly owned subsidiary, The BlackHawk Fund (BHWF, Trade ). We feel that this is an exciting time for Palomar and BlackHawk Fund shareholders. Growth is accelerating, we are doing more and more to maximize shareholder value as time goes on. We have many exciting developments that we will announce over the coming weeks and months. We will cover stock dividends, our real estate business and how we are going to pull all of this together and have Companies that our shareholders can be proud of. Each area of our initiatives are outlined as follows:
Stock Dividends
Our wholly owned subsidiary, The BlackHawk Fund (BHWF, Trade ) will likely do in excess of $10 million dollars in revenue this year alone. This was detailed in the 8 February 2007 press release for The BlackHawk Fund. This is a solid but conservative estimate. We have announced the terms of the dividend earlier this week, which is set for March 8th, as the Date of record. It is important to realize that we plan on paying a quarterly dividend to the shareholders of Palomar Enterprises. This dividend will be in the form of free-trading stock of The BlackHawk Fund.
The BlackHawk Fund ( http://www.blackhawkfund.com ) operates as a Business Development Company, by incubating, developing, and acquiring Portfolio Companies that are synergistic with The Company's business model. The BlackHawk Fund takes a lead role in the financing, development, and management of these Portfolio Companies in return for a majority equity interest in each company. Once the Portfolio Company has succeeded in its business plan, The BlackHawk Fund will assist in the process of taking the Portfolio Company public. The BlackHawk Fund has acquired ten Cable Television Shows and Media Properties from Maximum Impact Television Group, www.maximpacttv.com , which generate revenue from advertising sponsors seeking to reach a target audience.
In the past, many companies have pursued this same strategy (or announcing that they were), we are one of the very few that actually have the resources to produce the results we are expecting and communicating to our shareholders. Our dividend distributions are not in Pink Sheet companies, but rather OTCBB companies and are obviously fully reporting and transparent companies.
Naked Shorting
Our shareholders deserve to own stock that is free from manipulation by entities that use the stock for their own gain. We have obtained our NOBO, (Non Objecting Beneficial Owner) and are in the process of an exhaustive process to account for every share issued of Palomar Stock. We believe that once the numbers are compared, it will show a significant short position in the stock.
Once this process is complete, we will take action against those responsible. We have a sound strategy in place that we believe will be a solution to the problem.
Real Estate
The main core of Palomar Enterprises' business is real estate. We currently have over $2,000,000 in real estate holdings that will be sold over the next few months that will generate nearly a half of a million dollars in profits. The biggest part of our business that we foresee generating significant revenue and profits is the ever-increasing foreclosure market in the Midwestern US. We expect the foreclosure market growth to continue for the next 3-5 years. We have worked very hard to get ourselves positioned with HUD agents and bank owned properties, to take advantage of this increasing foreclosure market. Our last two quarters have reflected the success of this part of our business. We have bought and sold foreclosed residential properties in the Midwestern US and have increased our profit margins during the last 6 months. Essentially the way the business works is: We purchased properties at 20% to 40% below market values. Following completion of minor cosmetic improvements, the properties are immediately placed on the market for sale. The Company now has a backlog of qualified buyers seeking to purchase the inventory of properties acquired by Palomar for resale. Palomar has purchased several more properties over the last 2 months. These properties are being upgraded and will be sold over the next 2 to 3 months. We will continue to cycle these properties as well as increase the number of properties we are looking at purchasing over the next several months. We are also going to expand our foreclosure business into Southern California where the opportunities for larger profits are much greater. We also have other properties that will be utilized for development of a wide range of housing options in the Southern California area. And, in the near future, we expect to announce new relationships that will take our foreclosure business division to a level significantly higher than we are currently operating at.
Financial Results
Palomar Enterprises, Inc. has reported gains in revenue of 67% in the third quarter 2006, compared to the same period 2005. Our revenue increase was a result of successful implementation of our real estate plan outlined above. More specifically, our revenues of $612,177 for the first three quarters of 2006 were significantly higher (42%) than the same period a year ago. As far as the bottom line is concerned, our gross profit for the nine months ending 9-30-2006, compared to the same period last year increased to $222,253. Up from $109,980 for that same period of a year ago. So clearly, we are headed in the right direction. We expect to continue this growth through the fourth quarter of this year and for at least the next few quarters.
Business Development
We have pretty well covered this but essentially we are going to develop our businesses in the following fashion:
- Growth of Palomar Enterprises will be through revenues generated by our
growing real estate business as well as our ownership of Subsidiary
Companies which will be developed and spun off. A dividend of shares
will be paid to our shareholders in each one of these Subsidiary
Companies that are established.
- Growth of our publicly traded Subsidiary Companies will be generated
through acquisitions, incubation then ownership of the spun-off
companies. And, again, shareholders of the Subsidiary Companies will
receive a dividend of shares of each company spun off.
- Shareholder value will be established by ownership of Palomar which in
turn, will lead to ownership in the publicly traded Subsidiary
Companies.
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. The only stock that will be issued will be used for growth of the Company.
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.
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MARCH 8TH We have announced the terms of the dividend earlier this week, which is set for March 8th, as the Date of record. It is important to realize that we plan on paying a quarterly dividend to the shareholders of Palomar Enterprises. This dividend will be in the form of free-trading stock of The BlackHawk Fund.
-------------------- LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!
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grabbed a few at .008 also. been watching this and plma for over a month, this should see a 50-100% gainer within a week if it plays to the chart
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Hopefully they let this run before the divy....if we get some of the same volume today or an increase in action, we could see a quick jump!!
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as we all know after receiving dividends in shares, these can take time to transfer...while actual holders of BHWF prior to divy may experience the benefit of a nice run up before these shares are transferred to PLMA holders
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