Purewater/PanAmerican Bancorp to Begin Funding Mortgages in Central America in Late Summer.NEW YORK--(BUSINESS WIRE)--June 11, 1998--Purewater Sciences International Inc. announced the completion of the merger with PanAmerican BanCorp, an international mortgage and finance company. PanAmerican/Purewater (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : PRWT) announced the start of their first major subdivision in Belize Belize (bəlēz`), independent state within the Commonwealth of Nations (2005 est. pop. 279,500), 8,867 sq mi (22,965 sq km), Central America, on the Caribbean Sea. . The slab foundations are being poured this month and model homes will be ready for the September September: see month. inauguration INAUGURATION. This word was applied by the Romans to the ceremony of dedicating some temple, or raising some man to the priesthood, after the augurs had been consulted. It was afterwards applied to the installation (q.v. . During the month of September, Belizeans celebrate their independence. PanAmerican has chosen then to start taking the first applications for mortgages. The company has over 300 qualified, interested people looking to buy homes in Belize. This first subdivision will total some 1800 homes with Phase I covering approximately 500 homes. The pass-thru certificates totaling $10 million being issued to fund these loans have already been placed in the secondary market, subject to final documents. The final documents and language will be in place by the expected October closings. Once the first wave is accomplished, PanAmerican expects to issue more certificates to fund the estimated $150 million plus in mortgage money needed in Belize alone. PanAmerican BanCorp intends to continue to participate and grow in the expanding global mortgage markets, as well as the growth mortgage markets in America. Except for historical information, 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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 any such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Investor relations The process by which the corporation communicates with its investors. , 516/232-2221 |
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