On February 4, 2008 Palomar Enterprise will implement a reverse stock split of 300:1. The company is taking this step in order to provide long term appreciation for its shareholders. The recapitalization will reduce the common shares outstanding below 2 million shares, which provides a much better platform for price appreciation. Going forward the company has retained a prominent investment firm to represent its developments to the investment community.
Palomar Enterprises is a Real Estate Brokerage Firm, registered with the California Department of Real Estate. The Company provides real estate services and mortgage lending services, by assisting clients with the sale and purchase of new homes and providing the mortgage loan origination to finance the property. The majority of business is conducted in Southern California, with an emphasis on coastal properties. In addition to real estate services, Palomar locates undervalued properties to purchase and re-sell at higher prices. Some properties require cosmetic improvement, while others can be turned around for immediate re-sale.
As the real estate market corrects itself, Palomar is planning to purchase as many income producing properties as possible at 40% to 50% below market values. The company has also recently completed a property in Oceanside, California. This property is being offered for direct purchase or fractional ownership and is currently on the market.
With the completion of the new property as well as the recapitalization, the company is hoping to lock in significant profits for its shareholders while generating income.
Despite the negative trends facing the real estate market, Palomar’s 2007 third quarter revenue was up 20% from the previous year. The Company plans to grow through increased marketing efforts and recruitment of additional licensed agents.
Palomar Enterprises is headed up by Steve Bonenberger, CEO and President, as well as Chief Operating Officer Brent Fouch.
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