SOURCE: Pinnacle Group Unlimited Inc. and Maverick Energy Group Inc.

March 28, 2006 08:00 ET

Pinnacle Group Unlimited Inc. Announces Approval of Amendment by Nevada Secretary of State

LAS VEGAS, NV -- (MARKET WIRE) -- March 28, 2006 -- Pinnacle Group Unlimited, Inc. (OTC: PGPU) is pleased to announce the approval of the Secretary of State of Nevada to its Articles of Incorporation. This approval sets the stage for Pinnacle's acquisition of the assets and liabilities of Maverick Energy Group.

"We are very excited about our pending acquisition of Maverick. With the amendment to our articles, we can now move forward rapidly to expedite the closing," said Ronald Kopman, President of PGPU. Mr. Kopman added, "We believe this can substantially enhance shareholder value. Maverick is a dynamic company with experienced and success oriented personnel in the very profitable oil and gas market."

Pinnacle has authorized the release of shares from treasury to complete its transaction with Maverick Energy Group valued at about $10 million.

"We are still seeking a March 30th closing date with Pinnacle," stated James McCabe, Maverick's CEO, "but even if logistical problems are encountered, we are committed to completing the transaction at the earliest possible date."

When asked why a delay may be encountered, Mr. McCabe reiterated Maverick's commitment to the transaction and added, "All the paperwork is completed and ready to go. We are simply waiting for the issuance of shares from the transfer agent. We have the confirmation from Pinnacle that the process through Select Fidelity Transfer Services is currently being processed."

Maverick Energy is the operator of the 'Big Foot Field" in West Texas originally developed by Royal Dutch Shell (RDS-A) recently valued at $19 million as well as proprietary owner and operator of several natural gas fields and owner of approximately 50 natural gas leases in West Virginia.

PGPU is a publicly held holding company formed for purchase and acquisitions that best appreciates shareholder value.

Further information can be found at www.pinnaclegli.com or http://www.maverickenergygroup.com/ or www.pinksheets.com

This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the oil & gas market; including the geopolitical environment not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    For further information, please contact:
    Ronald Kopman
    President of Pinnacle
    (416)371-1357
    Ronkopman7@sympatico.ca