PARA (Nasdaq) active this am on press release yesterday that came out about an hour prior to close...vol so far 42k...high tick 1.25...present price 1.12/1.22...Yahoo profile indicates 2m outstanding shares...no pref...filings avail Edgar...do your own dd:
Paramount Financial Corporation Announces
Agreement with Americana Financial Services, Inc., to Design, Build and
Project Manage an Insurance Web Site
NEW YORK, Feb. 2 /PRNewswire/ -- Americana Financial Services, Inc., a New York City-based Financial Services and
Insurance Brokerage firm, has entered into a contract with Paratech Resources, Inc., a Paramount Financial Corporation
(Nasdaq: PARA - news) subsidiary specializing in systems consulting, software application and Internet commerce
development. Under the Agreement, Paratech will design, build and project-manage a state-of-the-art insurance services web
site for Americana.
According to Paramount Chief Executive Officer Glenn Nortman, ''This Agreement is significant because it demonstrates
Americana's commitment to creating a new form of distribution system that is multifaceted, fully integrated and will serve as a
highly effective purchasing platform for its middle market customers. Paratech's Internet and E-commerce Group will provide
its technological and engineering expertise to create a premier online insurance commerce site.''
President William T. McGinty of Americana Financial Services, Inc. said, ''In step with corporate America, Americana views
the Internet as a key driver to enhance and expand its current distribution channels. Paramount has the experience and talent to
take us to a new and exciting level of our business strategy.''
The Americana web site will concentrate on both the consumer and commercial insurance markets, and provide a personalized
and secure environment for its users. Users of the web site will be able to receive quotes, access insurance policy information,
perform policy evaluation and have insurance company and industry data and other services immediately available, all in a fully
interactive mode.
Statements contained in this press release, which are not historical facts, are forwarding-looking statements. The
forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements made herein contain a number of risks and uncertainties that could
cause actual results to differ materially. These risks and uncertainties include, but are not limited to, specific factors impacting
the Company's business including increased competition; the availability of computer equipment; the ability of the Company to
expand its operations and attract and retain qualified sales representatives experienced in the purchase, sale and lease of new
and used computer equipment; the ability of the Company to attract and retain IT professionals skilled in specific applications;
technological obsolescence of the Company's portfolio of computer equipment; competition in the IT consulting sector and
general economic conditions.
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