Monday October 11, 2:47 pm Eastern Time
Company Press Release
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 - news), 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 - news), 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 |
