Financial Statements:
PanAmerican Bancorp is a newly formed company and at present does not have audited financial statements. Therefore, audited financial statements for PRWT[sic] will not be provided in reliance on Rule 502 section (b)(1) of Regulation D under Securities Act of 1933 which states "The issuer is not required [is not required][sic] to furnish the specified information to purchasers when it sells securities under 230.504, or to any accredited investor." The present Offering will be extended to accredited investors exclusively. Current unaudited balance sheets and profit and loss is provided in the exhibit section of this memorandum.
USE OF PROCEEDS
Receipt of Funds
The net proceeds to be received by the Company, assuming the minimum number of shares offered hereunder are sold, after deducting the commission and all other expenses of the offering, are estimated to be $1,000,000. The Company intends to apply these proceeds substantially as set forth herein within the next 12-18 months, subject only to reallocation by management in the best interest of the Company. The proceeds of $1,000,000 will be used for working capital.
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MANAGEMENT
Executive Officers:
Executive officers of the Company are as follows:
Name............................. Position
John Schmitz.................... President, Chairman, Chief Executive Officer
David Williams.................. Director
Charles Vaccaro................. Director
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Each Director serves until the next annual meeting of stockholders and until his successor is elected and qualified. Each officer is appointed to serve until the next annual meeting of the Board of Directors and until his successor has been appointed and qualified. The Board of Directors has no executive, audit, option or compensation committees.
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