Tuesday June 8, 11:29 am Eastern Time
Company Press Release
First Americans Mortgage Corp. Makes Presentation With George K. Baum & Co. in New Mexico LENEXA, Kansas--(BUSINESS WIRE)--June 8, 1999--Dustan R. Shepherd, president of First Americans Mortgage Corp. (FAMC), a subsidiary of AmeriResource Technologies Inc. (OTC BB:ARET), announced Tuesday that the company kicked off their recently announced alliance with the investment banking firm of George K. Baum & Co. during a presentation in Albuquerque, N.M. on June 3.
The companies rolled out a full-menu of Native American public financing instruments for seven Pueblos located throughout the state. Through the use of Mortgage Revenue and Lease-Purchase Bonds the companies will broaden the spectrum of loan products available to tribal governments. The two firms were joined by representatives from the law firm of Foster, Pepper & Shefelman, Seattle, Denise Chee Law Offices, Isleta Pueblo, N.M. and IHA Management Systems Inc., Phoenix. The presentation covered the use of guarantee enhancements allowed under Title VI of Native American Housing and Self Determination Act (NAHASDA). Although included in the Act over three years ago only a handful of tribal housing projects have used the enhancements available through the guarantee. A representative from the New Mexico Mortgage Finance Authority also attended the presentation.
Shepherd commented: ''This presentation is just the first of many that the partners have scheduled over the next 60 days. The team that was assembled for this presentation brings all the ingredients that are needed to accomplish a housing bond issuance in Indian Country.'' Shepherd continued, ''The ability to successfully utilize the Title VI loan guarantee in conjunction with a bond issuance will once again place FAMC on the cutting edge of Native American lending.''
''We are pleased with the interest received from the New Mexico Pueblos,'' commented John Urbina of George K. Baum & Co. Continuing: ''The issuance of housing revenue bonds to finance housing on Indian Land is a relatively new concept. Our firm, FAMC and our other working partners are available to act as a resource to anyone in Indian Country who has an interest in providing the lowest possible housing financing interest cost.''
The release may contain forward-looking statements that involve risk and uncertainties, including without limitations, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes, The company's dependency on financing third party supplies and intellectual property rights, and other risks detailed from time-to-time in the company's federal filings, annual reports, offering memorandums or prospectus.
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Contact:
First Americans Mortgage Corporation, Lenexa
Dustan Shepherd or Delmar Janovec
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