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 - news) 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.
Contact:
PanAmerican Bancorp
Investor relations, 516/232-2221
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