PANAMERICAN CHEMICAL MARKETING, LTD. (PANACHEM) was established in 1993 as a marketing company specializing in the sale and distribution of industrial chemicals to Latin America. The Company's initial business objective was to develop additional chemical marketing capacity to serve the rapidly expanding Latin-American industrial base. Although the chemical manufacturing, distribution and trading business have different scopes and operating characteristics, they are essentially interdependent and their activities are complementary. As a trading marketing company with a network of client including distributors as well as direct customers, PANACHEM occupies a significant position in the movement of chemicals throughout the market. Maintaining close working relationships with manufacturers, distributors and industrial consumers, PANACHEM efficiently supplies raw materials for both the manufacturer and the distributor and optimizes the manufacturer's product sales to distributors and industrial consumers. PANACHEM successfully launched its operations by arranging product sourcing agreements with several distributors in Latin America. These exclusive, long-term agreements authorize PANACHEM to act as the purchasing representative for all chemicals procured from worldwide producers. The Company also provides various logistical support services and technical market information critical for effective inventory management.