NEW YORK--(BUSINESS WIRE)--June 1, 1998--Purewater Sciences International Inc. (OTC BB:PRWT - news)
announced today that it is merging with PanAmerican BanCorp. (PanAm).
Purewater also announced that the planned merger with Visual Interactive Phone Concepts Inc. is off. Instead, PanAm and
Visual have entered into a strategic alliance in order to bring Visual's patented technology into the mortgage industry.
PanAmerican BanCorp. is an international mortgage banking and finance company. Being the first entity licensed, through it's
subsidiary, Affordable Housing Group, Ltd., to operate a mortgage company in Belize, Central America, PanAm is poised to
exploit the immense potential brought about through NAFTA. The Central and South American markets are clamoring for
affordable ways to purchase and finance homes. Through the cooperation of the Belize Government, the company is able to
bring mortgage banking into Central America.
Using Visual's Videophone Mailbox Facility System (VIMF) PanAm is able to open virtual offices anywhere there is a dial
tone! All the processing and back office work can be done from the company's Hauppauge or Las Vegas office, while
originations can be from as far away as Belize or as close as the local real estate agent. This exciting new strategy will allow
almost seamless expansion into new markets.
PanAmerican's business plan calls for nationwide coverage for most types of financing, i.e. residential, commercial, leasing, etc.
The plan further looks to the new markets abroad.
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 manangement. 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.
Contact:
Investor Relations, 516/232-2221 |
