Friday August 6, 10:13 am Eastern Time
Company Press Release
SOURCE: AmeriResource Technologies, Inc.
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 - news) 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.
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