ARET Infostore Message Board

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Microcap & Penny Stocks : ARET Infostore

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Nov 5 1:03 PM EST

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To: Mr. Jens Tingleff who wrote ()	8/30/1998 5:42:00 AM
From: Mr. Jens Tingleff	of 202

Thoughts around the Conference-Call aug.18.1998 I have now had the opportunity to listen to the CC several times as I have received it on tape. Following is what I see as significant. First American Mortgage Company FAMC or First American's were the main issue in the CC. As we all expected the main reason for mergering FAMC into ARET were said to be the synergy effect coming out of having a full package house-construction and mortgage deal to offer to the Nations. It looks as if the business strategy is a success with the Chickasaw Nation. I do wish ARET luck in getting similar success with other tribes/Nations. Listening to the figures mentioned in the CC I do anticipate that the forecast for FAMC revenue is coming out of processing mortgages in the 30MM$ range. 750,000$ cannot IMO come out of fees for 10MM$. Calculation also brings me to believe that the target is establishing some 400-450 loans in the first year. The 3 years work Dustan Shepherd has done are IMO a great asset of experience - Hard to put figures to such - But just imagine how good the programmes are when being issued with such experience. I have no doubt that all parties feel they win when dealing under such programmes. I'm sure that Dustans experience from the consulting bounces for a choice of word that is bringing a good attitude into both the cooperations existing and to come. It was also good to hear that the lending programmes actually lead to opportunities in more segments of the market. Dustan mentioned 2 segments low income and normal income - I would say there's four as both can be with TCC house construction and without TCC construction. ------- Evaluation of the merger - After listening to the CC I have no doubt that Delmar and Dustan could have chosen to run FAMC alone - Creating JV's with other (reliable) construction companies thus getting a similar product to offer - Delmar could have chosen to let ARET and Tomahawk down the drain or continue working diversified with two companies, and create a good business just based on FAMC and struggle with ARET and TCC. But he did not - I do think this tells us something. - One thing is sure his risk is bigger that any of ours. Kr Jens

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