Pinecrest Investment Group, Inc. Corrects and Replaces Previous Release, Correcting Exchange Information, Tabular Information, and Adding a new Second Graph, BW2836, FL-PINECREST-INVESTMENT

Business Wire, Nov 16, 2000

Business Editors

NOTE: The following news release replaces and corrects the

previous Pinecrest Investment Group, Inc. news release,

which ran Wednesday on Business Wire, BW2836

(FL-PINECREST-INVESTMENT)

TAMPA, Fla.--(BUSINESS WIRE)--Nov. 16, 2000

Pinecrest Investment Group, Inc.: Revised Revenue and Earnings

Projections

David B. Howe, President and CEO of Pinecrest Investment Group, Inc. (Pink Sheets:PNCR), a Florida corporation located in Tampa, Fla. ("Pinecrest"), announced today that the Company, through its wholly owned subsidiary, Pinecrest Farms, Inc. has completed Phase I, consisting of 60,000 sq. ft. of growing space in two greenhouse ranges.

The first greenhouse was complete in June and limited product deliveries began in July. Upon completion of the second greenhouse in August, full-scale product deliveries began in October to upscale restaurants and hotels in the Tampa and Orlando areas.

A major theme park in the Orlando area successfully completed their inspections of the farm on July 13, 2000, and final vendor paperwork with that organization was completed shortly thereafter. Deliveries of products to their various restaurants and hotels began immediately thereafter. The Orlando area theme park is regarded as one of the highest quality-control customers, with stringent requirements for all suppliers. The Company anticipates volume at the park and its properties to continue increasing gradually through the fourth quarter, when current production is expected to be completely absorbed.

Additionally, Pinecrest is restating earlier figures used in previous press releases and company documents. Construction and other delays have contributed to the need to more accurately depict the financial projections of the Company based on current information.

                       Year     2000    2001    2002    2003    2004
                       ----     ----    ----    ----    ----    ----

Revenues (mil.)                 $.25     $20  $130.7  $232.1  $274.2
Net Income before
 Income Taxes (mil.)           $(.75)  $11.0   $55.2  $105.6  $128.7
Anticipated Shares
 Outstanding (mil.)              8.0     8.0     8.0     8.0     8.0
Less Estimated
 Income Tax (mil.)                $0    $3.0   $18.7   $35.9   $43.7
Estimated Net Income (mil.)    $(.75)   $8.0   $36.5   $69.7   $85.0
Projected Earnings
 Per Share                   $(0.094)   $1.0   $4.56   $8.71  $10.62

About the Company: Pinecrest Investment Group, Inc. has a technological breakthrough in the growing of all types of food and health products, which took close to 5 years and over $3 million dollars to develop. Specialists from the University of Florida, the University of Utah, and Florida Southern College participated in the study. The high proficiency food factories' use of hydroponics have recorded yields resulting in bigger leaves, more oil content and quadruple harvesting. Individuals with over 185 combined years of farming experience were consulted, as well as mechanical, electrical and chemical engineers, with experience in organic fertilization and pest control. The contributing insight from these people has allowed Pinecrest to construct the optimal growing environment offering superior produce. Major hydroponics experts and greenhouse manufacturers were used on the final phase of the study, to perform detailed analyses of the technical, fiscal, and nutritional aspects of the technology. Finally all the knowledge that was brought together for experiments with herbs and lettuces, which confirmed the advancement of this technology, has resulted in a "Breakthrough Food Growth System", which is a first-to-market technology.

The corporate offices of Pinecrest Investment Group, Inc. are located at 1211 Tech Blvd., Suite 101, Tampa, Florida 33619. For further information, please contact David B. Howe, President, and CEO at 813/620-0044, or visit: http://www.pncr.net .

Safe harbor statements/comments under the Private Securities Litigation Reform Act of 1995: The information contained herein may contain forward-looking wording, all such forward-looking wording is by necessity needed to describe the business of the company. Actual results of this company may differ materially from the wording contained herein, due to a number of factors. Pinecrest Investment Group Inc. assumes no obligation to update the forward-looking wording to reflect the actual business activity/results of the company. You should independently investigate and fully understand all risk/reward factors before making investment decisions.