SOURCE: Principal Capital Group, Inc.

March 04, 2008 08:00 ET

Principal Provides Corporate Update

BEVERLY HILLS, CA--(Marketwire - March 4, 2008) - Principal Capital Group, Inc. (PINKSHEETS: PCPG) announces a corporate update to shareholders and the investment community.

The Company has engaged Gerber & Company to complete the quarterly and annual financial statements from February 2004, to current and all corporate tax filings for both Federal and State agencies. It is the intent of the Company that upon completion of the financial statements, to file all past 10-Q and 10-K filings with the Securities and Exchange Commission (SEC) to bring the Company back into fully reporting status. The Company currently has a $5 million Private Placement Memorandum (PPM) priced at $5.00 per share that it is selling to accredited investors promulgated under Regulation "D" 505.

Mr. Harold Gregg, the interim President, stated, "Although we are receiving a great response from our shareholders, we want to provide notice to all shareholders of record as of February 26, 2008, to avail themselves of the opportunity to participate in what is being offered. As our previous release said, for every 100,000 shares a shareholder previously owned, they will now own 1 new share of common stock. All fractional shares will be rounded up to 1 new share. In addition, the Board has authorized the allocation and distribution of up to 600,000 shares of the Company's common stock for the benefit of bonafide Asgard shareholders of record as of February 26, 2008. That pool of 600,000 shares of common stock will be issued, on a pro rata basis, to shareholders that can verify the number of shares they purchased for cash and at what price their shares were purchased. Said new shares to be issued are being issued promulgated under Rule 144 and will have registration rights associated with each share."

As stated in the February 27, 2008 press release, the Company has made available to shareholders the following web page: http://www.principalcapitalgroup.com/shareholder.htm. Principal is asking that all bonafide shareholders of record as of February 26, 2008 go to this website and complete the information page so the Board can verify the information and accordingly issue shares from the pool of post split shares. The Company further stated that this shareholder verification, which began February 28, 2008 and will conclude Monday, March 31, 2008. Bonafide shareholders of record that do not wish to use the internet may call the company's shareholder department at 800-881-3321 ext 82 and speak with a shareholder representative Monday - Friday from 9am - 5pm PT.

About Principal Capital Group, Inc. -- Headquartered in Beverly Hills, PCPG is a holder of industry specific 40 Act funds. Our current holdings include Principal Structure Fund, Inc. (http://www.principalstructurefund.com) and Principal Mortgage Fund, Inc. (http://www.principalmortgagefund.com). It is the intent of the Board and Management to identify and or form 4 new industry specific 40 Act funds in 2008.

Forward-Looking Statements

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.

Contact Information

  • CONTACT:
    Principal Capital Group, Inc.
    Harold Gregg
    800.881.3321
    Email Contact