Pan Caribbean Financial Services – Acquisition

The Chairman of PCFS, Mr. Richard O. Byles, and the Chairman of Lets Investment Ltd , Ms. Dorothy Marzouca announced that the companies have finalized an agreement whereby PCFS will acquire the investment assets and client liabilities on LIL. The Purchase Agreement was signed with a closing date of July 31, 2004. The transaction is subject to the regulatory approval of the Financial Services Commission. Under the agreement, PCFS will issue 5,400,000 shares as part of the consideration for the business acquired. Key members of the staff will move over to PCFS, ensuring continuity for service standards. The acquisition of LIL’s portfolio will increase PCFS’ assets by $3.2 Billion to $44.2 Billion.