More GOOD news !!!
(PR NEWSWIRE) First Americans Announces Plans to Open Satellite Offices
First Americans Announces Plans to Open Satellite Offices
OVERLAND PARK, Kan., Aug. 6 /PRNewswire/ -- Dustan R. Shepherd president
of First Americans Mortgage Corporation, an AmeriResource Technologies, Inc.
subsidiary (OTC Bulletin Board: ARET) announced today that FAMC has begun
plans to open satellite offices in Phoenix, Arizona, Seattle, Washington and
Southern California in order to take advantage of the expanding demand for
both on and off reservation Native American housing.
The August 4 release announced the expansion of the Choctaw Nation of
Oklahoma's PMI risk-share commitment from $10 million to $30 million. This
increase brings FAMC to a total of $55 million for origination under this
program. The company is now working with five tribes servicing tribal members
in nine states. The new offices would allow FAMC to better serve its
commitment to the Choctaw Nation while expanding our customer base. Currently
232 tribes reside within the states that FAMC service: Arkansas, Arizona,
California, New Mexico, North Dakota, Oregon, Oklahoma, Texas and Washington.
More than 625,000 Native Americans live on and off reservation in these
states.
"We need to continue to move expeditiously to solidify our reputation as
the national leader in providing mortgages and other housing services to
Native American consumers," commented Shepherd. "The company also plans to
capitalize on their upcoming emergence in these areas to begin aggressively
identifying residential construction opportunities."
Shepherd continued "FAMC in conjunction with this expansion has entered
into discussions with a national real estate firm for the purpose of assisting
its Native American customers with identifying existing or newly constructed
homes for purchase. With these discussions FAMC is once again leading the way
in identifying and then providing solutions for Native American homebuyers."
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.
-0- 08/06/99
/CONTACT: Dustan Shepherd or Delmar Janovec of AmeriResource
Technologies, 913-385-FAMC or 913-341-ARET/
/Web site: nativeamericanlender.com /
(ARET)
CO: AmeriResource Technologies, Inc.; First Americans Mortgage Corporation
ST: Kansas, Arizona
IN: FIN
SU:
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