October 11, 1999 15:02
First Americans Mortgage Corporation Signs
Construction Loan Agreement
OVERLAND PARK, Kan.--(BUSINESS WIRE)--Oct. 11, 1999--Dustan R.
Shepherd, president of First Americans Mortgage Corporation (FAMC), a
subsidiary of AmeriResource Technologies Inc. (OTCBB:ARET), announced today
that the company has signed an agreement with American Construction Lending
Services (ACLS), Wallingford, Conn., to implement a private-label construction and
rehabilitation loan product for residential housing. ACLS Inc., a wholly owned
subsidiary of Staten Island Savings Bank (NYSE:SIB), Staten Island, N.Y., has
designed a product to be used in conjunction with FAMC's Oklahoma Native
American Lending Initiative.
The two companies are also moving toward developing the legal infrastructure for
delivering construction and rehabilitation loans on Native American trust land.
Along with their construction lending programs for individual borrowers, ACLS Inc.
also provides builders with construction funding. This relationship will give FAMC's
sister company First Plains Construction Inc. a potential funding source for
projects located virtually anywhere in the United States for both Native American
and non-Native American home buyers. ACLS Inc. has also pledged to assist First
Plains in identifying potential partners through ACLS's national builder and
manufactured housing contacts.
Mr. Shepherd commented, "With this agreement, FAMC has filled a huge hole in
its lending menu. Over the last two years, we have diligently searched for a national
construction lender to partner with throughout Indian Country, and this
announcement is the exciting culmination of that effort."
Shepherd added, "Since the inception of the Oklahoma Native American program,
we have seen many borrowers walk away from the process because they would
have to find their own outlet for construction and rehabilitation funds. Now FAMC
can provide the borrower with a one-stop shop. The FAMC staff has already begun
reviewing and notifying our current and past applicants about the program."
"The potential for First Plains is immeasurable," said First Plains CEO Delmar
Janovec. "This partnership with ACLS Inc. can place our construction business far
beyond our near-term projections. We can now approach potential projects with a
broader scope of participation."
"We are pleased to be part of First Americans mortgage initiative goal of assisting
Native Americans in making home ownership a reality," said Bob Imperato,
president and CEO of American Construction Lending Services Inc. "ACLS Inc. is
positioned to assist FAMC in furthering home ownership by rounding out its menu
of products. We look forward to a long and rewarding relationship with
AmeriResource Technologies Inc. and its subsidiaries."
The release may contain forward-looking statements that involve risk and
uncertainties, including, without limitation, 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
suppliers and intellectual property rights and other risks detailed from time to time
in the company's federal filings, annual report, offering, memorandums or
prospectus.
CONTACT: AmeriResource Technologies Inc., Overland Park
Delmar Janovec, 913/341-ARET
or
First Americans Mortgage Corporation
Dustan Shepherd, 913/385-FAMC |
