PanAmerican BanCorp./PABN - PanAmerican Announces Spin-off of Extreme Media Inc.
JERICHO, N.Y., Jul 11, 2001 (BUSINESS WIRE) -- PanAmerican BanCorp (NQB:PABN-news) announced today the
spin-off of its subsidiary, Extreme Media Inc.
Each PanAmerican shareholder will receive one (1) "B Unit" of the new company (Extreme Media Inc.) for every 5,100
PABN shares they presently own. One "B Unit" consists of one share of common stock, one "B Warrant" and one "C
Warrant."
The record date for this spin-off is July 18, 2001
Extreme Media has applied for a symbol and will use Continental Stock Transfer & Trust Company as its transfer agent.
Complete details will be made available by Extreme Media Inc. "This is the first step in our process to divest all non-core
assets as we prepare ourselves for controllable, sustainable growth in the financial services sector" said John Schmitz CEO
of PanAmerican BanCorp.
About PanAmerican BanCorp
PanAmerican BanCorp was formed to take advantage of underdeveloped market niches and is streamlining their
operations in order to direct their focus on the core business of financial services.
About Extreme Media Inc.
Extreme Media Inc., manufactures and distributes mainstream virtual reality arcade and touch screen video games. Its
target markets are amusement parks, arcades and the home market. The computer gaming industry is estimated to be in
excess of $40 billion per year and is considered a high-growth industry.
Any statements released by PanAmerican BanCorp, 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 matter 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 this statement. |
