Monday January 3, 8:34 pm Eastern Time
Company Press Release
Ameriresources Subsidiary Krapfcandoit Announces
Start of $5,400,000 Low Income Elderly Project for
Lutheran Community Services
DES PLAINES, Ill.--(BUSINESS WIRE)--Jan. 3, 2000--Delmar Janovec, Chairman and CEO of AmeriResource Technologies, Inc. (ARET) and Mike Bertino, President of its newly-acquired construction subsidiary, Krapfcandoit Company (Krapf), announced today that the Company was awarded the bid and final contract to act as the general contractor on a $5,400,000 HUD-financed, 68 unit apartment dwelling for the very low income elderly.
Phase 1 of the project, known as Luther House at Jennersville and sponsored by Lutheran Community Services, is the seventh low income elderly residential housing project constructed by Krapf and sponsored by Lutheran Community Services, over the past 20 years. This project will bring the number of elderly apartment units constructed for the Lutheran community by Krapf to 551 units.
Phase 2 of this project, known as Luther House II at Jennersville, will be implemented later this year. Phase 2 calls for an additional 68 units to be constructed. Final pricing for Phase 2 is not yet completed.
Krapfcandoit Company, (www.krapf.com), a wholly owned subsidiary of ARET is one of the leading developers and builders of continuing care retirement centers (CCRC's), assisted case living facilities (ACLF's), and housing for the elderly in the eastern United States. On December 28, 1999, Krapf was purchased by ARET.
Statements in this press release include forward-looking statements that include risk and uncertainties. The forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market certain products and/or services and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
Contact:
AmeriResource Technologies, Inc.
Delmar A. Janovec, 913/341-2738
Fax: 413/487-3140 |
