July 28, 1999 10:58
First Americans Signs Origination Agreement With Fort
Berthold Housing Authority
OVERLAND PARK, Kan., July 28 /PRNewswire/ -- Dustan R. Shepherd, president
of First Americans Mortgage Corporation, an AmeriResource Technologies, Inc.
subsidiary (OTC Bulletin Board: ARET), announced today from North Dakota that
the company has signed a Loan Origination Agreement with Fort Berthold Housing
Authority, based in New Town, N.D. This agreement will allow the Housing
Authority to become the initial point of contact for Fort Berthold home buyers
interested in utilizing FAMC products.
Members of The Three Affiliated Tribes live on the Fort Berthold reservation located
in west central North Dakota. The reservation comprises 1,320 square miles
surrounding Lake Sakakawea. As the largest tribe located in North Dakota the
nation services more than 8,000 members. The nation derives revenue from a
diversified menu of sources, including gaming, a retail lumber yard, farm leases and
other economic development. In 1998, Mr. Shepherd assisted the Housing
Authority in developing its one and five year Indian Housing plans.
Mr. Shepherd commented, "This agreement is our first origination contract outside
of Oklahoma and the first with a nation located predominately on trust land. I have
stated before that FAMC's goal is not to have loan origination offices located
throughout Indian Country, but rather to develop a structure that would allow a
borrower local access to a Native American loan specialist who is familiar with and
participates in daily community tribal activities. The Housing Authority has been
originating home loans for the past two years which will allow the partnership to hit
the ground running. After the initial startup period the two organizations will begin
working toward establishing a loan delivery system that will include the other tribes
located in the region."
Shepherd continued, "As part of this agreement FAMC will begin to explore the
possible use of video conferencing on the reservation. Fort Berthold Community
College has video conferencing facilities available and the reservation has recently
gained Internet access through a local provider."
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.
SOURCE AmeriResource Technologies, Inc.
/CONTACT: Dustan Shepherd or Delmar Janovec, 913-385-FAMC or
913-341-ARET, both of AmeriResource Technologies, Inc./
/Web site: nativeamericanlender.com /
(ARET) |
