PRWT - PanAmerican Bancorp recently reversed merged into Purewater Services and is an international Mortgage Banking and Finance Company with offices in New York, Las Vegas, Miami and Belize City, Belize (John Schmitz, CEO (516)232-2221, 300 Wheeler Road, Hauppauge, NY 11788).
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. Mortgage financing rates in Belize are currently 18% with a 50% down payment requirement. Under the PRWT program in Belize, homes will be financed at GNMA rates plus 5 1/2% or 11 1/4% with a 20% down payment. The loans are guaranteed by the government of Belize and pass-through certificates issued to
investors who will fund the mortgages will have a Standard & Poors rating of A.
Loans approximate $25,000 to $33,000 each and will be primarily to Belize citizens living in the U.S. purchasing retirement homes and to government employees living in Belize City. The government of Belize has backed the program and insurance company investors have committed to fund $10,000,000 in mortgages monthly beginning immediately. The second country to follow Belize will be Costa Rica, which has an immediate need for funding 20,000 new homes under the government guarantee program. Other countries in Central America and the Caribbean will follow shortly there after.
The Company has already received 6,000 approved mortgage applications from the housing ministry in Belize and is currently processing the first 800 of these applications. Most of the initial applicants work for the government or hold other civil service positions. The first loans will close later this month or in early August. An Affordable Housing Group, Ltd. Web site will be operational shortly.
The Company will receive an origination fee approximating 5% and an annual servicing fee of 2% servicing fee on the mortgage portfolio balance, a very lucrative fee schedule for originating, warehousing and servicing government guaranteed mortgage loans.
A second division will originate mortgage and equipment loans on a national basis. This division will operate through a network of 10,000 real estate offices and brokers using Internet Videophones and software patented by Visual Interactive Phone Concepts, Inc. ("Visual"). Using Visual's Videophone Mailbox Facility System, the Company is able to open virtual offices anywhere there is a dial tone. All the processing and back office work is done from the
company's Hauppauge or Las Vegas office. The Videophone is a combination of a digital phone, a keyboard, a credit card swipe and a display screen for the presentation of text, voice and visual images. A camera, printer and fax are additional options. The videophone based at a user station isconnected to a central data center. One button initiates an interactive on-linesession with
user friendly screens. Functions include Internet access, homeshopping, on-line banking, brokerage and leasing services, spreadsheet processing and viewing of vacation resorts and department store catalogues. The marketing potential of these and other products is enormous. The system also replaces the need for a PC and no computer skills are necessary.
In June 1998, the Company acquired a trading firm that providesstate-of the-art securities trading for investors. The acquisition was made entirely for already-issued shares of PRWT. The new company offers an all inclusive system that provides Level II market maker and exchange data, real-time quotes, news, charts, historical data, portfolio management and an extremely fast order execution system enabling investors by means of ECNs (Electronic Communications Network) to post bids and offers that are displayed throughout the financial community. The system provides for immediate execution on the
NASDAQ as well as other listed exchanges rather than routing orders to third party intermediaries. This enables trade execution and confirmation of orders in a matter of seconds. Additionally, it provides the individual investor the ability to execute trades between the spread, achieving further savings over most currently available trading systems. Originally developed tohandle high-
end, large volume trading and/or institutional stock traders, today, this innovative system can be accessed via the Internet as well as through Local and Wide Area Networks, and is the most enhanced application of its type offered over the Internet. The company is dedicated to bringing the most technologically advanced trading system to the individual investor and expects substantial growth in the near future. The first two trading offices will be
operational shortly. Applications for accounts can be obtained through susanu@panambancorp.com
Currently the Company has 750,000,000 million shares authorized.
Approximately 78.4% of these shares are restricted, including 210,000,000 for acquisitions. There are 162,000,000 shares in the float. Look for a name change in the very near future and positive EPS that will continue to increase with each passing month. The shares are a bargain at current level and should climb rapidly. For additional information visit the Company's Web site at panambancorp.com and other message boards on AOL and Yahoo
under Purewater Sciences.
Kevin |
