LAS VEGAS, July 14, 2004 (PRIMEZONE) -- Pan American Energy Corp., (OTCBB:PAEY) is pleased to announce that it has completed, and the SEC has accepted for filing, Form 14c documentation pertaining to the purchase of Morgan Beaumont, Inc. of Sarasota, Florida.
Morgan Beaumont, Inc., incorporated in early 2000, is a privately held Technology Solutions company located in Sarasota, Florida.
The company's primary products and services include: two re-loadable financial products for the sub-prime credit market, interactive voice response activation system and Customer Relationship Management technology ("CRM"). The company develops and supports ATM/Debit Card and stored value MasterCard programs and has developed POS- and PC-based software that connects merchants with multiple Stored Value Processors and Issuing Banks marketed under the Morgan brand name as well as other private label brands.
Under the terms of the acquisition, PAEY will issue 13,000,000 shares to Morgan Beaumont shareholders. PAEY will cancel a portion of its existing share capitalization and the share capitalization going forward -- post the 14C approval -- will be 39,175,000 issued and outstanding.
An information circular has been drafted and sent out to shareholders of record for approval and the company will affect a name, symbol and CUSIP number change following the closing and approval.
On behalf of the Board of Directors
Scott Haughton, President
Pan American Energy Corp.