Why are you assuming that PABN did something wrong.
ummmmm, just a guess here but... because they made the claims. Claims that have been shown time and time again to be unfounded and yet the company has never issued a PR setting the record straight. Questions have been put forth time and time again to the CEO to which he has continued to misrepresent. Items claimed by the company that people have made investment decisions based on and have lost money as a result of.
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Press Release: Business Wire - July 28, 1998 07:17
PanAmerican BanCorp Acquires Realty Money Center
NEW YORK--(BUSINESS WIRE)--July 28, 1998--PanAmerican
BanCorp/Purewater (PRWT - NASDAQ) has acquired 100% of Realty Money Center for stock and other considerations. #reply-5499425
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From the interactive shareholders meeting held on February 24th, 1999 the following questions were asked of John regarding RMC.
dguy Ok. So now a tougher one. Can John Please answer the RMC acquisition question in light of it not yet being final???
A: RMC is now a wholly owned sub. We have continuing obligations on both parts that extend out.
exchange2000.com
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coaster123 Is RMC generating revenue for PanAm?
A: RMC is generating revenues and reinvesting into the infrastructure. To date there has been no revenues passed through, however, we have increased the back office and support abilities substantially.
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Racerx Is the RMC acquisition complete??
A: RMC is now a wholly owned sub. We have continuing obligations on both parts that extend out.
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Bill has the reverse merger with RMC been completed??
<Moderator RE>: RMC: RMC is a wholly owned subsidiary
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dguy re: RMC. If wholly owned (hey I believe you) what needs finalization?
A: Our agreement includes services going forward, such as licensing in states, new offices, and growth capital. These issues are ongoing and last up to three years. However, the contracts are signed and RMC is a wholly owned subsidiary.
exchange2000.com
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April 1, 1999
From the desk of John Schmitz
I would like to take the opportunity to inform our PABN shareholders as well as other interested parties that PanAmerican BanCorp has recently decided to forgo pursuing opportunities with Realty Money Center, Inc. Regrettably, this decision was difficult to make, however, it simply became evident that the mission and objectives of this opportunity were not congruent with those of BanCorp, and consequently, not in the best interest of the company. In light of this, PanAmerican BanCorp renews our dedication to pursuing our goals of building a solid foundation for BanCorp and being fiscally responsible in order to provide the best value and a good return for our shareholders.
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