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PINNACLE AMENDS IPO STATEMENT

SARASOTA Fla.-Pinnacle Holdings Inc. filed an amendment to the registration statement it
previously filed with the Securities and Exchange Commission relating to an initial public offering of common stock.
Pinnacle now plans to offer 10 million shares of common stock and $150 million in exchangeable preferred
stock.

The company plans to use net proceeds from its proposed offering to redeem its outstanding preferred stock,
confirm distributions to its current stockholders and repay debt.

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