Wednesday July 28, 10:43 am Eastern Time
Company Press Release
SOURCE: AmeriResource Technologies, Inc.
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 - news), 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. |
