Palomar Enterprises, Inc. Corporate Update and Quarterly Review

Palomar Enterprises, Inc. Corporate Update and Quarterly Review



CARSON CITY, Nev., Aug. 23  /PRNewswire-FirstCall/ -- Palomar Enterprises,
Inc., (OTC:PALL) (BULLETIN BOARD: PALL)  has released the second quarter
financial report.  The company has had a record quarter in many statistical
categories. The company reported revenues from all three operating divisions: 
real estate sales & home loans, property acquisition and development and Prize
Pizza: Tempe, AZ.  The company is still operating at a loss, but expects the
next twelve to twenty-four months to see continued improvement in terms of
increased revenues, expanded operations and continued acquisition of assets.

  During the second quarter of 2004, the company reported:

   a.  its real estate and home loan revenue continue to increase
   b.  its property acquisition group successfully bought and sold a
       property and secured an office complex
   c.  its Prize Pizza:  Tempe, AZ. facility opened and began to produce
       revenue
   d.  the beginning of a new revenue stream via the purchase of secured
       auto contracts that increase the asset base and add an additional
       revenue stream.



Palomar Enterprises, Inc., continues to execute their business plan and is
positioning itself for continued growth and expansion.  For more information:

go to:  http://www.palomarenterprises.com/

From time to time, the Company may issue news releases that contain
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
and is subject to the safe harbor created by those sections.  This material may
contain statements about expected future events and/or financial results that
are forward-looking in nature and subject to risks and uncertainties. For those
statements, the Company claims the protection of the safe harbor for
forward-looking statement provisions contained in the Private Securities
Litigation Reform Act of 1995 and any amendments thereto.  Any statements that
express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, goals, assumptions, or future events
or performance are not statements of historical fact and may be
"forward-looking statements."  "Forward-looking statements" are based upon
expectations, estimates and projections at the time the statements are made
that involve a number of risks and uncertainties that could cause actual
results or events to differ materially from those anticipated. 

DATASOURCE: Palomar Enterprises, Inc.



CONTACT:  Palomar Enterprises, Inc., [phone],





Web site:  http://www.palomarenterprises.com/ 

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