NEW YORK--(BUSINESS WIRE)--June 24, 1998--PanAmerican BanCorp/Purewater (NASDAQ: OTC:PRWT)
announced today the acquisition of Access Wall Street, a firm that provides state-of-the-art securities trading for investors.
The newly acquired company offers an all inclusive system that provides Level II market maker and exchange data, real-time
quotes, news, charts, historical data, portfolio management and an extremely fast order execution system enabling investors by
means of ECNs (Electronic Communications Network) to post bids and offers that are displayed throughout the financial
community. The system provides for immediate execution on the NASDAQ as well as other listed exchanges rather than
routing orders to third party intermediaries. This enables trade execution and confirmation of orders in a matter of seconds.
Additionally, it provides the individual investor the ability to execute trades between the spread, achieving further savings over
most currently available trading systems.
Originally developed to handle high-end, large volume trading and/or institutional stock traders, today, this innovative system
can be accessed via the Internet as well as through Local and Wide Area Networks, and is the most enhanced application of its
type offered over the Internet. The company is dedicated to bringing the most technologically advanced trading system to the
individual investor and expects substantial growth in the near future.
PanAmerican BanCorp/Purewater (PRWT) has acquired Access Wall Street in exchange for already-issued shares of the
company so there is no dilution of PRWT shares. Access Wall Street is projected to add about $1.5 million in monthly
revenues to PRWT or an additional $18 million a year. Net income is projected at $6 million a year. Look for further strategic
alliances and acquisitions shortly.
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 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:
PanAmerican BanCorp/Purewater
Investor Relations
516/232-2221 |
