Here it is again newbies...See you in Belize! MoneyMade
Purewater/PanAmerican Bancorp to
Begin Funding Mortgages in Central
America in Late Summer
Business Wire - June 11, 1998 15:08
%PUREWATER %PANAMER-BANC PRWT %NEW-YORK %BANKING
%REAL-ESTATE %MERGERS %ACQ V%BW P%BW
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.
CONTACT: PanAmerican Bancorp
Investor relations, 516/232-2221
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