Business Wire, January 18, 1994, Tuesday
Purewater Sciences International plans to purchase 5 percent stake in Oceanic Partners for $2,500,000
CENTURY CITY, Calif.
Purewater Sciences International, Inc., a public company which is engaged in and holds a significant number of patents for water purification and related products, wishes to announce that it has subscribed to 5 percent of Oceanic Partners, Ltd., a $50,000,000 Limited Partnership.
Charles Roberts, CEO of Purewater stated "we believe Oceanic Partners, Ltd. offers to investors the opportunity to share in what is felt to be one of the most exciting new business ventures; The investment of capital into domestic and international banking and/or insurance organizations which will be restructured, within U.S. and international regulations, to take advantage of domestic and international project financing opportunities, off-balance sheet financing, bank guarantees, credit facilities and international banking cards, as well as newly emerging merchant banking opportunities.
"Under the Oceanic Partners, Ltd. business plan these acquired entities will be refocused and streamlined to accommodate wealthy investment clients, off-balance sheet banking, transaction related business for domestic and international clients involved in forfaiting, discounting, swaps, wraps, bank guarantees, letters of credit, derivatives, synthetic securities, structured pass through loans, merchant banking, riskless principle transactions, hybrid securities, international banking, and guaranteed investment contracts. A portion of any profits generated will be invested into cutting-edge technology (such as: magnetic levitation people movers, freon-air conditioning, Stirling engines, cryo-engines, electronic cars, lasers, power transmission, desalination, waste disposal, and environmental solutions).
"We believe the General Partner for Oceanic Partners, Inc., 21st Century Equities has superior knowledge in European Banking techniques, high technology, and project oriented insurance financing business. The General Partner intends to apply this knowledge to potentially safer and higher yielding business which can then provide for investment banking into high technology and emerging technology products with the potential to create thousands of jobs in the United States as well as substantial on-going profits."
Roberts explained further that, "we view this investment as an important step in our new business plan to move into project oriented business. When fully subscribed, under the terms of the Partnership Purewater will receive 5 percent of the earnings of the Partnership. The General Partner is guaranteeing a minimum return of 50 percent within the first 24 months after the first bank is purchased. We are informed that 50 percent of the Partnership has already been subscribed to since it was formed in December 1993. The General Partner is apparently wasting no time and has already made a firm written offer of $6,500,000 to a bank holding company in the Southwest which owns an 'A' rated banking facility with assets of approximately $50,000,000. A second bank with $80,000,000 in assets is being reviewed by the General Partner, as well. In addition, 4 insurance companies in the South are now under current review by the General Partner. All acquisitions are subject to year end audits and inspection by the General Partner.
"Our 1994 Purewater business plan tasks the Board to restructure Purewater in a manner that will lead us into these new financial opportunities and advanced technologies. The Board believes having access to international banking and insurance facilities could play an important role in our long term strategy."
In a separate action by the Board Purewater announces that a Joint Venture Agreement has been signed with Regal Ware, Inc. of Kewaskum, Wisconsin. Under the terms of this new agreement Purewater has obtained the exclusive marketing and distribution rights to its patented products and Regal Ware, Inc. will be the manufacturer. This opens the way for Purewater to begin its own aggressive marketing campaign both domestically and internationally.
Shareholders or interest parties may contact the company through Donald J. Shaw, chief counsel at 2020 Avenue of the Stars, Suite 350, Century City, Calif. 90067 via telephone 310/282-0269 or facsimile 310/282-0270.
CONTACT: Purewater Sciences International Inc., Century City
Donald J. Shaw, 310/282-0269
Copyright 1994 Business Wire, Inc. |
