PURE ENGLISH READ CLOSELY...
PanAmerican BanCorp Secures Belize
Arrangement
Business Wire - July 08, 1998 16:16
NEW YORK--(BUSINESS WIRE)--July 8, 1998--PanAmerican
BanCorp (PRWT), which recently merged with Purewater Sciences
International Inc., has announced that the first mortgage applications have
been received from Belize.
Its wholly owned subsidiary, Affordable Housing Group Ltd., is the first
foreign company to be licensed to conduct mortgage banking in the country
of Belize.
The first 800 of some 6,000 mortgage applications from Belize citizens are
being processed. The first closings are expected in late August or early
September. Most borrowers are government workers or other civil
servants and employees of large Belize companies. The home foundations
have been laid out and the models will be completed as scheduled;
inauguration of the sub-division is set for September. The government of
Belize has backed the program and investors have committed to fund
$10,000,000 in mortgages monthly beginning immediately.
PanAmerican BanCorp will receive an origination fee in Belize
approximating 5% and an annual servicing fee of 2% on the mortgage
portfolio balance - a very lucrative fee schedule for originating warehousing
and servicing government guaranteed mortgages.
PanAmerican BanCorp expects the mortgages in Costa Rica to be larger
than anticipated. John Schmitz, CEO of PanAmerican BanCorp, will return
to Costa Rica in late summer to further arrangements to provide mortgages
to the 20,000 new homes under the government guarantee program. Loans
are approximately $25,000 to $30,000 each.
The matters discussed in this news release may be considered "forward
looking" statements, within the meaning of Section 27A of the Securities
Act of 1933, as amended and section 21E of the Securities Exchange Act
of 1934, as amended. Such statements include declarations regarding the
intent, belief or current expectations of the company and its management.
Prospective investors are cautioned that such forward-looking statements
are not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results.
CONTACT: PanAmerican BanCorp
Investor Relations
516/232-2221
MY QUESTIONS ARE:
A]HOWEVER, WHY HAS THIS STOCK BEEN GOING DOWN ON GOOD NEWS?
B]HOW DID THE CO. COME INTO THE POSITION TO OFFER 500,000,000 SHARES
OUTSTANDING AND WHAT DID THEY DO WITH THE MONEY??
C]LANCE HOW DID YOU KNOW I SENT AN EMAIL OUT EARLIER???
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