H.I.G. Capital Invests in Pinnacle Communications International
MIAMI, – December 21, 1999 – H.I.G. Capital, a Miami-based private investment and venture capital firm, announced today that it invested in Pinnacle Communications International, Inc. of Jacksonville, FL.
Pinnacle Communications International, Inc. is an Internet company that combines one of the world’s most powerful and successful customer development methods, “network marketing,” with the most dynamic and flexible communications tool, the Internet.
Pinnacle’s revolutionary Internet shopping mall and network of distributors provides a one of a kind e-commerce environment based on proprietary software technology, and a patent-pending “zero-out” purchase system, that allows customers to get credits and cash for their purchases and their referred customers’ purchases. The Website is designed to deliver a profitable and customizable methodology to sell, distribute, and promote a wide variety of products and services, including Pinnacle’s own proprietary, leading edge communications products.
Bill Levine, CEO of Pinnacle Communications indicated: “Pinnacle’s CyberNetsm patent-pending Internet business model provides significant competitive advantages over traditional sales, marketing and advertising methods, making use of a network marketing organization and Internet-based marketing and communication strategies. The www.pinnacleld.com web site offers customers the best way to shops; merchants the best way to grow sales; and independent marketing representatives the best way to earn”.
Sami Mnaymneh, Managing Director of H.I.G. Capital, indicated: “We look forward to working with Bill Levine and the Pinnacle team to help build a highly successful marketing company, using the power of the Internet to bring value to its customers and to build a unique distribution tool for a wide variety of services and products”.
H.I.G. is a leading private investment and with a meaningful ownership interest in over forty companies nationwide, with combined revenues in excess of $3 Billion. It manages over $750 million of private equity funds on behalf of leading institutional investors to make venture capital and private equity investments. H.I.G.’s investments span across a variety of industries, from well established manufacturing concerns to start-ups and technology ventures.