Hello All! I've been lurking for the past few weeks listening to all comments and opinions... just took up a position in Purewater/PanAmerican of 300K. Spoke with the CEO (John Schmidt) today for my own DD....he said that for now, PRWT will remain as the symbol, and the name will be Purewater/PanAmerican Bancorp; he said he doesn't want to change the symbol again down the road, so it will remain the same for now....I'm sure they'll address that issue later down the line when the time comes.
Some other tidbits:
The merger was to make PanAm (a privately held company) a publicly traded company using PRWT's shell. There are approx. 160 million shares in the public float. The background of management is mainly in mortgage banking.
There are at least 2 areas of generating revenue this company:
1) By using Visual Interactive Phone Concept's Videophone Mailbox Facility System (VIMF), PRWT will be able to increase the awareness of Mortgage buying & selling. The system is supposedly quicker to deploy and easier to use than conventional computers; it will use use a WAN (Wide Area Network), not the internet, making the system safer, more secure, and quicker. Their intention is to deploy throughout the U.S. Schmidt also said the system can be applied to different markets, not just mortgage banking. In his words, "This is just the tip of the iceberg".
2) In Belize, PRWT will capitalize on funding mortgages for homes, with the Belize government backing them up. The 10 million is just the first round. The intent is to use the synergy of the VIMF system and the mortgage banking arm to create a cohesive unit.
My thoughts on what Schmidt is trying to do are very positive. He said that he is working on increasing personnel within the organization to make sure they are not overwhelmed as the growth occurs. He is also working on the misc. licensing issues that need to be worked out for deploying the VIMF system. Their website is still in the works, but he thinks it may be up in approx 2 - 3 weeks.
My impressions are that at around 2 to 3 cents per share, this company is a great opportunity to put a few $'s in and get alot of $'s out. Though it may have some spikes up & down as PR's are announced and the MM's do their thing, holding long seems to be the smart play. Let's hope we need seatbelts....
Go PRWT!
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