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EXHIBIT 99.1
Contact: Jean Anne Mire
Investor Relations
(713) 993-4602
PINNACLE GLOBAL GROUP COMPLETES EXIT
FROM ENVIRONMENTAL BUSINESS
Houston, Texas, July 20, 2000 - Pinnacle Global Group, Inc. (Nasdaq:
PING) today announced the sale of certain assets of Energy Recovery
Resources, Inc. (ERRI) to a wholly owned subsidiary of U.S. Filter, Inc.
Additionally, U.S. Filter assumed certain liabilities of ERRI. The sale price
was not disclosed. Pinnacle has accounted for ERRI as a discontinued
operation since December 31, 1998 and will record an additional non-cash loss
provision of $400,000 related to the sale in its second quarter results.
"In January 1999, Pinnacle Global Group was created by combining the
assets of TEI, Inc., a waste management company, with three financial
services businesses. Following the merger the new board of PGG decided to
discontinue ERRI, a wastewater treatment and waste oil recycling company,"
said Robert E. Garrison II, president and chief executive officer of Pinnacle
Global Group. "The sale of ERRI completes our evolution to a financial
services and asset management business. ERRI was not a profitable business
for Pinnacle. We expect to invest the proceeds from the sale into assets more
likely to yield returns on equity consistent with our core business."
Pinnacle Global Group, Inc. is a diversified financial services firm
based in Houston, Texas. It is the public holding company for three financial
services companies, Sanders Morris Harris, Pinnacle Management & Trust, and
PGG Capital. A copy of this press release may be obtained at
www.pinnacleglobal.com.
IN ADDITION TO THE HISTORICAL INFORMATION, THIS PRESS RELEASE CONTAINS
CERTAIN FORWARD-LOOKING STATEMENTS UNDER FEDERAL SECURITIES LAWS, INCLUDING
STATEMENTS REGARDING PINNACLE GLOBAL GROUP, INC.'S EXPECTED FUTURE BUSINESS
AND PROSPECTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED UPON CURRENT
EXPECTATIONS AND INVOLVE CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY SUCH STATEMENT. THESE RISKS AND
UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE COMPANY'S CONTROL, INCLUDE BUT
ARE NOT LIMITED TO (1) TRADING VOLUME IN THE SECURITIES MARKETS; (2)
VOLATILITY OF THE SECURITIES MARKETS AND INTEREST RATES; (3) CHANGES IN
REGULATORY REQUIREMENTS WHICH COULD AFFECT THE DEMAND FOR THE COMPANY'S
SERVICES OR THE COST OF DOING BUSINESS; (4) GENERAL ECONOMIC CONDITIONS, BOTH
DOMESTIC AND FOREIGN, ESPECIALLY IN THE REGIONS WHERE THE COMPANY DOES
BUSINESS; (5) CHANGES IN THE RATE OF INFLATION AND RELATED IMPACT ON
SECURITIES MARKETS; (6) COMPETITION FROM EXISTING FINANCIAL INSTITUTIONS AND
OTHER NEW PARTICIPANTS IN THE SECURITIES MARKETS; (7) LEGAL DEVELOPMENTS
AFFECTING THE LITIGATION EXPERIENCE OF THE SECURITIES INDUSTRY; (8)
SUCCESSFUL IMPLEMENTATION OF TECHNOLOGY SOLUTIONS AND (9) DEMAND FOR THE
COMPANY'S SERVICE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE OR
REVISE ANY FORWARD-LOOKING STATEMENT.
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