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Company Contact:
Iron Eagle Group, Inc.
Mr. Jason M. Shapiro, CFA, CPA, J.D.
Executive Vice President of Corporate Strategy
Phone : +1 (917) 969-4845
Email: jasons@ironeaglegroup.com
Website: www.ironeaglegroup.com
FOR IMMEDIATE RELEASE
Iron Eagle Group (IEAG) Announces Satisfaction of Performance
Obligations Per January Exchange Agreement
New York, NY - August 26, 2010 - Iron Eagle Group, Inc. (OTCQB: IEAG)
today announced that the remaining performance obligation required
under the January 2010 exchange agreement between Iron Eagle Group, a
Nevada corporation, its shareholders, and Iron Eagle Group, Inc.
(formerly Pinnacle Resources, Inc.), a Delaware corporation, has been
satisfied.
The consideration for the transaction, the share exchange, was
completed in January. At that time shareholders of Iron Eagle Nevada
exchanged their shares for shares of Iron Eagle (formerly Pinnacle
Resources). As part of the agreement, i) the shares previously held in
escrow have been released and ii) Glen Gamble, former chairman of the
board and Dutch Hildebrand, former director and chief financial officer
have resigned as officers and directors of Iron Eagle.
Glen Gamble commented that "it was the right time to hand off the baton
to the new Iron Eagle management team. They are indeed professionals
and well qualified to implement the business plan for going forward
into the heavy construction arena".
Dutch Hildebrand added, "Iron Eagle's new, innovative business plan
will attract interest from the investing public, and that its new well-
known officers and directors will enhance Iron Eagle's access to the
investment banking community."
"This is a big day for Iron Eagle. It provides further evidence that
Iron Eagle has continued to deliver on its promises and continues to
build momentum," commented Jason Shapiro, co-founder of the former Iron
Eagle Nevada and current director, and executive vice president of
corporate strategy for Iron Eagle. He further added "We have been
privileged to work with Mr. Hildebrand and Mr. Gamble. We are
appreciative that they will stay involved as consultants to Iron Eagle
during the transition."
About Iron Eagle Group, Inc.
Iron Eagle provides construction and contracting services in both the
commercial and government markets. Iron Eagle's management consists of
experts in construction, government contracting, defense, finance,
operations, and business development. Management has created a
compelling strategic plan to capitalize on the large market opportunity
created by the federal government's stimulus package as well as funds
that are flowing down to the state level for projects throughout the
United States. Through the public capital markets, Iron Eagle believes
it will have the access to capital to support increased needs for
construction surety bonds. By executing on its growth strategy, Iron
Eagle can achieve significant growth through highly focused targeting
of federal, state, and municipal construction projects.
For more information, please visit Iron Eagle's website at
www.ironeaglegroup.com.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in
this press release contains statements that are forward-looking, such
as statements related to the future anticipated direction of the
industry, plans for future expansion, various business development
activities, planned or required capital expenditures, future funding
sources, anticipated sales growth, and potential contracts. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by, or on behalf of, the company. These
risks and uncertainties include, but are not limited to, those relating
to development and expansion activities, dependence on existing
management, financing activities, and domestic and global economic
conditions.
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