Fundación Pan America

[Mikefl]

More News from the Panamersa.net Blog :)

PRESS RELEASE PANAMERSA Announces the creation of La Sociedad EcoSecurities Rancho El Laurel, Sociedad Anónima

San José, Costa Rica, March 27 2008:

La Sociedad EcoSecurities Rancho El Laurel, Sociedad Anónima, a Panamanian company, has been created (Public Registry number 4608, March 11, 2008 at the Third Notary of the Republic of Panama according to Law 32 of 1927).

The main objective is to promote and sponsor the protection of our Forests, Flora, Fauna and Water and Mineral Resources, through the commercialization of certificates of participation denominated as "EcoSecurities Rancho El Laurel". These certificates are a new option to fight global warming by seeking carbon neutrality and as a way to sequester carbon dioxide.

The Sociedad EcoSecurities Rancho El Laurel, Sociedad Anónima has been created as an operating company of the "Fundacion Pan America" in the name of and in favor of it's beneficiary PANAMERSA Corporation (pnms:PK).

The capitalization of the The Sociedad EcoSecurities Rancho El Laurel, Sociedad Anónima is made up of 240,000 Balboas (two hundred and forty thousand Balboas) represented by 24 million shares of common stock with a nominal value of one cent each (B/.0.01), bearer securities.

Additionaly, the capitalization has been increased by 4,468,150 (four million four hundred and sixty-eight thousand, one hundred and fifty) preferred Type A shares named EcoSecurities Rancho El Laurel. Each one of these preferred shares is equal to a block of 5 square meters of land that exist within the conservation area, each has a nominal value of 25 Balboas (B./25.00).

The "EcoSecurities Laurel" increase the Fixed Assets: Real Estate of pnms:PK by 111,703,750.00 which will reflect favorably on the 2008 financials. The total area of the properties is 22,340,750 m2 (twenty-two million, three hundred and forty thousand, seven hundred and fifty square meter) located physically on the following:

Farm: 027532, registered in the Zone of Limon, District #1, Province of Limon of the Republic of Costa Rica with surface area of 11,170,375 m2 (eleven million, one hundred and seventy thousand three hundred and seventy five square meters). And Farm: 027534 registered in the Zone of Limon, District #1, Province of Limon of the Republic of Costa Rica with surface area of 11,170,375 m2 (eleven million, one hundred and seventy thousand, three hundred and seventy-five square meters). Both properties registered January 10, 1984, are property of Rancho El Laurel, S.A., with registry number 3-101-035629.