Thursday July 30, 1:53 pm Eastern Time
Company Press Release
ARET Announces Thursday That its Subsidiary Tomahawk Construction Company is Negotiating a Joint-Venture Contract With the Chickasaw Nation of Oklahoma to Assist Them in Providing Housing for Tribal Members
LENEXA, Kan.--(BUSINESS WIRE)--July 30, 1998--AmeriResource Technologies Inc. (OTCBB:ARET - news) announced Thursday that its subsidiary Tomahawk is negotiating a Joint-Venture contract with the Chickasaw Nation of Oklahoma to assist them in meeting their current and future housing needs for tribal members.
At present the Chickasaw Nation of Oklahoma has financing available through various programs for the construction of 550 new homes per year for the next five years. Tomahawk will bring project management and general contracting experience to the Joint-Venture Partnership. The long term goals of the partnership is to expand the client base to include the surrounding communities and commercial real estate. The home and commercial designs will utilize affordable state of the art technology that will reduce construction time and reduce utility consumption by as much as 60%. It is estimated that the Joint-Venture Partnership will share in approximately $1,500,000.00 per year in profit from this venture.
AmeriResource Technologies Inc. is a holding company that through its subsidiaries, is a full service, mortgage, consulting and design/construction firm based in Lenexa, specializing in construction management services and economic development both within and outside the Native American Community.
This 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 suppliers and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual reports, offering memorandums, or prospectus.
Contact:
Barry Denslow or Dick White
Telephone 913/859-9292
Fax 913/859-9520
or
Robert Solarchik
Telephone 800/913-9767
Fax 954/346-5796 |
