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To: Marshall who wrote (581)	7/9/1998 9:03:00 AM
From: Rock_nj	Read Replies (1) \| Respond to of 906

PRWT had an impressive news release right after the close yesterday: Wednesday July 8, 4:01 pm Eastern Time Company Press Release PanAmerican BanCorp Secures Belize Arrangement NEW YORK--(BUSINESS WIRE)--July 8, 1998--PanAmerican BanCorp (PRWT), which recently merged with Purewater Sciences International Inc., has announced that the first mortgage applications have been received from Belize. 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. The first 800 of some 6,000 mortgage applications from Belize citizens are being processed. The first closings are expected in late August or early September. Most borrowers are government workers or other civil servants and employees of large Belize companies. The home foundations have been laid out and the models will be completed as scheduled; inauguration of the sub-division is set for September. The government of Belize has backed the program and investors have committed to fund $10,000,000 in mortgages monthly beginning immediately. PanAmerican BanCorp will receive an origination fee in Belize approximating 5% and an annual servicing fee of 2% on the mortgage portfolio balance - a very lucrative fee schedule for originating warehousing and servicing government guaranteed mortgages. PanAmerican BanCorp expects the mortgages in Costa Rica to be larger than anticipated. John Schmitz, CEO of PanAmerican BanCorp, will return to Costa Rica in late summer to further arrangements to provide mortgages to the 20,000 new homes under the government guarantee program. Loans are approximately $25,000 to $30,000 each. The matters discussed in this news release may be considered ''forward looking'' statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the company and its management. Prospective investors are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Contact: PanAmerican BanCorp Investor Relations 516/232-2221