PRWT News (see below) - Merger Completed!!!
BSNS WIRE) Purewater/PanAmerican Bancorp to Begin Funding
Mortgages in
Purewater/PanAmerican Bancorp to Begin Funding Mortgages in
Central America in
Late Summer
Business Editors
NEW YORK--(BUSINESS WIRE)--June 11, 1998--Purewater
Sciences
International Inc. announced the completion of the merger with
PanAmerican BanCorp, an international mortgage and finance
company.
PanAmerican/Purewater (NASDAQ: PRWT) announced the start of
their
first major subdivision in Belize. The slab foundations are being
poured this month and model homes will be ready for the September
inauguration. During the month of September, Belizeans celebrate
their independence.
PanAmerican has chosen then to start taking the first
applications for mortgages. The company has over 300 qualified,
interested people looking to buy homes in Belize. This first
subdivision will total some 1800 homes with Phase I covering
approximately 500 homes.
The pass-thru certificates totaling $10 million being issued to
fund these loans have already been placed in the secondary market,
subject to final documents. The final documents and language will be
in place by the expected October closings. Once the first wave is
accomplished, PanAmerican expects to issue more certificates to fund
the estimated $150 million plus in mortgage money needed in Belize
alone. PanAmerican BanCorp intends to continue to participate and
grow in the expanding global mortgage markets, as well as the growth
mortgage markets in America.
Except for historical information, the matters discussed in this
news release may be considered "Forward-looking" statements, within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements include declarations regarding the intent, belief or
current expectations of the company and its management. Prospective
investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks
and
uncertainties that could materially affect actual results.
--30--bk/ny*
CONTACT: PanAmerican Bancorp
Investor relations, 516/232-2221
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING REAL ESTATE
MERGERS/ACQ |
