Thursday August 20, 8:35 am Eastern Time
Company Press Release
ARET Subsidiary, Tomahawk, Enters Into a "Memorandum of Understanding" With the Chickasaw Division of Housing
LENEXA, Kansas--(BUSINESS WIRE)--Aug. 20, 1998--AmeriResource Technologies Inc. (OTCBB:ARET - news)
announced Thursday that its subsidiary, Tomahawk, has entered into a ''Memorandum of Understanding'' with the Chickasaw Division of Housing of the Chickasaw Nation of Oklahoma for the development of Affordable Housing.
Delmar Janovec, CEO of ARET, stated: ''This Memorandum of Understanding will develop into a Joint-Venture Partnership that will provide the foundation for ARET's future Native American Construction projects. The Joint-Venture combined with First Americans financing capabilities will set the groundwork for the continued expansion throughout Indian Country.
According to HUD, currently there is a need for between 10,700 and 30,600 homes for homeownership within Native American Communities. We anticipate that through our subsidiaries we will have a significant opportunity to finance and construct a lion's share of these homes.''
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:
AmeriResource Technologies Inc., Lenexa
Barry Denslow or Dick White
913/859-9292, Fax 913/859-9520
or
LBI Group Inc., Coral Springs, Fla.
Robert Solarchik
800/913-9767 or 954/346-5796 |
