Okie Dokie, you asked for it, so here it is, piece by piece ...
<<<< 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. >>>>
It is my understanding that locals have applied. Do you have any information to the negative?
<<<< 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. >>>>
As you were just told in a previous post, this is a political nightmare. I do not believe that this is a false post, but I do agree that Panam needs to come forward with the true story, good or bad, so that we can move on to bigger and better things.
<<<< 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. >>>>
Again, I believe that this is factual
<<<< 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. >>>>
Is there any other demographic information you wish to share oh knowledgable one?
<<<< The government of Belize has backed the program >>>>
Yup, this is the clarification we are awaiting, but then what is the "Program?" In Belize publications and narratives, we also know that the Govt of Belize is looking for ways to finance development and to provide homes for their people.
<<<< and investors have committed to fund $10,000,000 in mortgages monthly beginning immediately. >>>>
This one is definately true. They will be selling them into the secondary market just like the operation in Las Vegas does.
<<<< 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. >>>>
Sounds reasonable to me. Do you have any information that suggests this is not true?
<<<< 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. >>>>
What is wrong with this statement?
<<<< 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. >>>>
This is a "Safe Harbor" statement that simply put says that the stuff talked above is our EXPECTATION of what is going to be happening. The fact that the govt of Belize has decided to embroil us in their political mess is not really what we expected to happen. Because of that involvement, some of the statements above may not come to pass exactly as expected ...
>>>> CONTACT: PanAmerican BanCorp Investor Relations 516/232-2221 >>>>
Any problem here?
Now Aliastar, you have a history, I think you will agree, of asking innocent leading questions that spin the situation in your direction. Have you attended the Ken Starr School of Questioning? As example, "must we not assume that the Company has lied in its press release of July 8?" ... well, no, we must only pay taxes and die! I am sure that you know that when you assume, you make an ASS out of U and ME! I for one am really getting tired of this. First because I feel that the company does owe us an explanation other than "All will be answered". But by the same token, I don't appreciate you putting a spin on it that suggests that since the company has to walk on egg shells and has thus far opted not to disclose to us the dealings in Belize, that there must be lies and deciept going on.
Now then, if you eliminate Belize from the equation all together. Just throw the baby out with the bath water. What are you left with? You have I.T, you have Affordable Housing Group which is licensed in 14 states, You have the Las Vegas connection, and you also have the expectation of an insurance company coming into the fold. The profits from those operations would easily support a stock price of .25 or more.
I admit, Belize is a screwup, but even if a PR were to come out tomorrow saying that Belize is off the balance sheet and all operations there are a total loss, we are still tremendously undervalued. I do not expect such a PR, but if it or something like it did happen, I would not care at all, because we could then move on without your innocent accusations helping to keep us back!
JMHO |
