Company update March 24th, PanAmerican BanCorp Virtual Open House Follow Up Letter from John Schmitz, President, PanAmerican BanCorp
March 24, 1999
Thank you for helping make our first Virtual Open House an event. We learned quite a bit from the experience. I would like to expand on some issues since the questions were being rapid fired and we had time constraints, we were only able to provide short answers.
Float Issue
When we took control of Purewater, there were 750,000,000 authorized shares, approximately 610,000,000 were issued and outstanding. Of the 610,000,000, approximately 228,000,000 of the shares were in public (not control or 144 restricted) hands. Since we changed the name and revised the charts, we authorized more shares in anticipation of some acquisitions and financing. To date, the amount of shares freely trading is now approximately 250,000,000. The number will change as old 144 stock gets released and some shareholder liquidation takes place. From the company standpoint, we feel the number of outstanding shares is only relevant to our final completion of our organizational structure.
Getting Listed
Our goal of becoming listed on some other exchange has not changed. Recognizing the criteria for such listing, we are exploring all available option. When the picture is complete and the entire organization is in place, we feel PanAmerican BanCorp will be a formidable enterprise dedicated to increased growth and revenue opportunities for the new millennium.
Along those lines, I would like to welcome PanAmerican Internet Group and First States Financial to our highly capable and dedicated team.
The professionalism and expertise of the Internet Group is evidenced daily in the pursuit of our goal of an integrated company. As a portal for all our divisions, the Internet Group gives us the ability to compete globally. As a regional, soon to be national, Internet service provider, we now have the technology to support all of our divisions in their increased demands in the information age.
First States Financial provides the keystone for our dynamic organization. In anticipation of our license as a federally chartered thrift, the addition of First State Financial gives us a kick start in achieving our goals. Having a thrift on the team provides PanAmerican BanCorp with liquidity and added stability.
In summary, a growth company needs leadership and teamwork. As I review the members of our team, I am only reminded of the 1998 New York Yankees. We have the team players who constantly chip in where needed, back each other up, support the shared vision, and no one person looks to be the superstar. Our group of dedicated business professionals have come together with a common goal and shared vision of building a good, solid and profitable business.
Sincerely,
John Schmitz |
