Tuesday July 13, 12:08 pm Eastern Time
Company Press Release
SOURCE: AmeriResource Technologies, Inc.
First Americans Mortgage Corporation Pushes Ahead
With George K. Baum & Company Partnership
OVERLAND PARK, Kan., July 13 /PRNewswire/ -- Dustan R. Shepherd, president of First Americans Mortgage Corporation (FAMC), a subsidiary of AmeriResource Technologies, Inc. (OTC Bulletin Board: ARET - news), announced today that the company will utilize their Native American loan delivery system to assist George K. Baum & Company in originating their commitment announced last week by President Clinton during his visit to the Pine Ridge Indian Reservation in South Dakota. George K. Baum & Company and Bank One Capital Markets committed to underwriting $1.5 billion in residential loan financing over the next five years. FAMC and Baum entered into a strategic alliance on May 20 to deliver residential loan programs to Native American home buyers and tribal governments.
John Urbina, Senior Vice President, George K. Baum & Company, commented, ''The President's comments last week were an important endorsement to our efforts to bring affordable housing to Indian Country. We will continue to work jointly with FAMC to make the vision of home ownership a reality for Native Americans.''
Shepherd said, ''Baum's commitment to issuing bonds in Indian Country is unprecedented, at no time in the history of this country has an investment banking firm made such a sizable pledge toward Native American housing. FAMC is proud to be associated with a firm with such a strong financial and social constitution.'' Shepherd continued, ''The two companies have already conducted a joint presentation in New Mexico and have plans for additional presentations later this month in North Dakota. FAMC is currently developing a section on our website dedicated to tribal economic and housing development, and our partnership with Baum will be the first highlighted project. It should be noted that Baum's recently announced commitment will focus on home ownership, however, the two companies will also explore developing financing mechanisms for single and multifamily rental, equity financing for tax credit projects and construction period and infrastructure financing.''
The release may contain forward-looking statements that involve risk and uncertainties, including with 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.
SOURCE: AmeriResource Technologies, Inc. |
