Company update, November 23rd
November 23 1998
From John Schmitz:
As we receive inquiries on a daily basis, we would like to address many of the most frequently asked questions at this time. We hope the answers clarify where we are and what our future goals are. We would like to start by saying that we at PanAmerican BanCorp are totally committed to building a multi-faceted company. Each division is staffed and managed by dedicated, motivated professionals working to realize our goals. However, there are still some loose pieces that have to fit into the puzzle.
Currently, each division is undergoing evaluation in order to be most effective in its marketplace. We feel very positive that we are not far from reaching and/or surpassing our short term goals. We anticipate that we will be generating sufficient revenues and showing profits in the near future. Though we have repeatedly stated that we have no plans for a reverse stock split, we are continually being asked about it. While it is one of our goals to be listed on some exchange, we do not know when or how it will happen. We will address this issue again in the future, but for now we are building and growing PanAmerican BanCorp.
The Belize project is coming along nicely, even though Hurricane Mitch dropped a lot of rain there. I will be visiting Belize November 16 1998 to meet with several officials and review the status of the two models. The models arrived last week and are due to be erected soon. We will then start to accept applications and orders for the houses. To date, we have about 100 people interested in a house at Ridge Lagoon Estates.
Our Long Island office of Insider Trading is up and running. We believe that additional new branches will be online soon. The Boca Raton site is in the process of being wired, and Las Vegas is close to a signed lease. Our intent is to open three more branches by the end of Winter 1999. We plan to maximize the opportunities provided by the internet. We feel our internet presence will be a good source of revenue and contribute significantly to PanAm's operations.
We are experiencing growing pains phasing in the business of RMC. It is a long, tedious and costly process of licensing and relicensing state by state. We have a signed contract with a compatible retailer which gives us immediate exposure in over 400 locations. This will increase our visibility dramatically in the industry.
PanAmerican Interactive is diligently finishing the testing and modification of the Videophone. We expect up to 200 units out in the next several weeks to complete the testing phase. If successful, a full roll out can be expected early next year.
PanAmerican HealthCorp is continuing to build upon its existing agreements to provide management services to four providers including one of New York's largest multi-facility group practices. In addition to our ongoing meetings with doctors, we are attending several trade shows in the coming months in order to capitalize on our success acquiring new businesses.
PanAmerican HealthCorp will also introduce the Patient Alliance in a big way. By implementing Healthcorp's newly signed agreements to manage and market the POWERx program, we will be able to provide affordable health care for every man, woman and child in America, especially the self employed and to over 70 million people who are uninsured.
While there may still be some unanswered questions, we hope we have clearly stated our goals and visions. As new events unfold, we will keep you updated.
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