PanAmerican Bancorp States 2001 Business Plan
Updated: Wednesday, January 24, 2001 01:18 PM ET
HAUPPAUGE, N.Y., Jan. 24 /PRNewswire/ -- PanAmerican Bancorp (OTC Bulletin Board: PABN) announced today that as previously stated on the company's web site, PanAmerican is focusing on its core business and is committed to providing additional opportunities for its shareholders. We are now implementing a series of changes that reflect our adherence to this re-designed business plan. It is a plan that calls for concentration on financial services and also recognizes the need to sell or spin off all business units not directly related. The company is starting to do just that and is taking the initial steps to spin-off two separate divisions.
It is proposed that the first division, Access Wall Street, will purchase a securities Broker/Dealer, undergo a name change, and spin-off to trade under its own symbol. All shareholders of record will receive an undetermined number of shares of the new entity. It is intended that new management will take over and implement the business plan of day trading, electronic trading, etc. The only role PanAmerican will have is that of a shareholder in the new company.
The second proposed spin-off is CDY Systems. This company will change its name to Extreme Media and trade under its own symbol. New management has been found to bring in assets, revenues, and new business. Again, PanAmerican will
be a shareholder only. Shareholders of PABN will receive an undetermined number of shares in this new company as well.
As we move forward, we expect to announce the final filings and results along with more spin-offs. We are moving toward our goal of streamlining PanAmerican into a core financial services company. Once this is accomplished, we will be in a position to file a focused plan with the SEC and move closer to our goal of trading on a different market.
Again, under this newly revised business plan, PanAmerican will concentrate on its core business of financial services. We intend to generate controllable, sustainable revenues and not lose sight of this model as we grow and increase revenues. Lastly, as we bring in the new management and other events unfold, we will keep everyone informed. Look for information on our corporate web site, www.panambancorp.com under Investor Relations.
Any statements released by PanAmerican BanCorp Inc. that are not historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from such forward-looking statements as a result of risks and uncertainties that may affect the Company's business
prospects and performance. These include, but are not limited to, economic, competitive, governmental, technological, and other factors discussed in the statements.
SOURCE PanAmerican BanCorp Inc.
-0- 01/24/2001
/CONTACT: PanAmerican Bancorp, 631-232-2221/
(PABN)
CO: PanAmerican Bancorp Inc.
ST: New York
IN: CPR
SU:
KW
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