News
PANAMERSA CORPORATION (PNMS)
UPDATE
AUGUST 31, 2009
I want to wish you and your family a very happy Labor Day weekend.
Those that helped with the special offering deserve a special vote of thanks from all of us, as it is their efforts that have helped to keep PANAMERSA (PNMS) alive.
PANAMERSA has always been a long term investment that can yield great investment returns. The problem is no one knows when our assets will be released. I spoke with Pedro last week as he was flying home and he assured me that the PNMS assets were still in place waiting to be released at some future date. He agreed that we must bring our certified financials up to date, as real financials were last done almost three years ago.
The problem that I have is lack of sufficient funds to accomplish everything that needs to be done. The little amount of funds that I have to work with can not be used up in buying expensive opinion letters from attorneys while failing to pay needed bills and fees that keep PNMS in good standing. I will have a substantial amount of state and transfer agent fees due in October. Lack of sufficient funding slows things and stops things from happening.
THE CURRENT PLAN:
The plan in order of importance, which I hope I can accomplish, is as follows:
1--- I met with a CPA knowledgeable about PNMS and the problems that have occurred. He agreed to do the taxes for 2007 & 2008. He will also do the financial statements for these years. Pedro has said he will help with the financials as he is the protector of our assets. The quality and plausibility of these financials (determined by the audit and certification) will hopefully start our stock trading at higher prices
This is the missing link for PNMS as there has never been acceptable financials. When these financials are completed and released we will be able to be reclassified as a holding company with assets instead of a pink sheet shell company. We will have shares with little or no value until this occurs.
2--- I will again visit NATCO to set up a method of returning shares to the PNMS PDR owners and others caught in the PDR Exchange mess. The audit is not yet complete so please send in your audit information. I have secured legal advice as how to best handle the share return based on our PNMS financial position and SEC law. PNMS shares are currently worth little and hard to sell so their value will depend on our success with the financials and when our assets are released. I currently have only restricted shares in my possession and the transfer agency is not allowing transfers without legal opinions, which are expensive. The transfer agency is being extra cautious because of the way MST handled his security sales and transactions on the PDR Exchange. PNMS does not benefit its shareholders by doing partial or selective share returns under the circumstances.
3--- The reverse split that has often been discussed will likely be needed, but will be one that will be used to add value to the shares of our current shareholders and reduce our overhead in the form of regulatory fees. We want to be a reporting company headed for NASDAQ and to do so need a much higher share price and less authorized shares. This
reverse split will allow us to acquire or merge with companies that are in business and earning money. We must prepare to grow PNMS as we wait for the promised assets to arrive and without a reverse split we have no means to grow.
SUMMARY:
PANAMERSA has come a long way toward getting its act back in order, but unless we are able to accomplish the above steps we will remain a pink sheet shell.
We now have a highly respected attorney who specializes in securities law working with us. We have a transfer agency (NATCO) working with us. We have a CPA who knows about PNMS working with us. We have Pedro, a very influential man of great integrity and purpose, working hard to insure that the assets belonging to PNMS, will become identifiable as part of the corporation. Pedro will also be referring other companies to PNMS to help it grow.
I have until the end of October to have the above steps in motion as I just don’t have the funding to continue spending this much time wrestling with stock audits and restricted stock transfers. If all goes well we will be reorganized and ready to grow before the year is ended.
There are no guarantees we will succeed at everything we try to accomplish, but we will do out best to succeed in a lawful manner.
Again PANAMERSA thanks everyone for their support and patience during these difficult times. Some day soon even the greatest doubters will thank Pedro for his efforts on behalf of all the PNMS shareholders.
Please email me or call me at 702-405-7830 if you have any questions.
Regards and best wishes,
James Finegan ---- Vice President & Director
PANAMERSA Corporation
