Panamerican Automotive Corporation announces consummation of merger with Lexor International, Inc.
BALTIMORE--Nov. 26, 2001--Panamerican Automotive, Inc. (OTC Pink Sheets:PAAT) is pleased to announce that it has completed a due diligence process and has acquired 100% of the outstanding shares of Lexor International, Inc., a Maryland corporation.
Messrs. Daniel S. Peterson and Frederick DeSilva have resigned from both the Board and Executive Management positions with the public company and have appointed a new Board of Directors led by Lexor International, Inc.'s Chairman and CEO Christopher Long. The name of the public company has been changed to Lexor International, Inc. and effective November 27, 2001, Panamerican Automotive shares will trade under the new symbol "LXOR," reflecting a one-for-seven reverse split.
Consideration for the Lexor International, Inc. acquisition has been finalized at 232,761,860 post-split common shares of Panamerican Automotive Corporation, all of which are subject to the Rule 144 holding period and the filing of a Registration Statement.
Founded in 1999, Lexor International, Inc. is a manufacturer and supplier of premium beauty supply equipment and products. The company has offices in Baltimore, Maryland and Ontario, Canada and manufacturing facilities in Ho Chi Minh City, Vietnam.
Christopher Long, Chairman and CEO of Lexor International commented: "besides expanding product lines to grow the company organically, we plan to pursue an aggressive merger and acquisition strategy to acquire the assets of complimentary businesses." Mr. Long added: "The nail salon industry has experienced rapid growth since 1990 with sales of $3 billion to $8 billion in 2000 and is expected to reach $15 billion by 2005. The pedicure spa market in particular is relatively new and Lexor International has an exciting opportunity to become the market leader in this segment."
Safe Harbor: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital, and effectively compete against similar companies.