News..........
LENEXA, Kan.--(BUSINESS WIRE)--Oct. 7, 1998--First Americans
Mortgage Corp., an AmeriResource Technologies Inc. subsidiary (OTC
BB:ARET) announced Wednesday that the first Choctaw Nation mortgage
loan, of an estimated 160 loans, has been approved and is scheduled
for closing on or about Oct. 15, 1998.
As earlier reported (press released dated Sept. 16, 1998) a
partnership was developed between the Choctaw Nation, PMI, Freddie
Mac, Washington Mutual Bank and First Americans to originate $10
million of residential mortgages to members of the Choctaw Nation. The
funds are available to Choctaw members living in the State of Oklahoma
and has a maximum loan amount available of $227,150. The Choctaw
Nation is one of two Indian Nations in Oklahoma that FAMC is currently
working with on this program.
The Choctaw Nation is located in Southeast Oklahoma and is the
third largest tribe in the United States, with more than 100,000
members nationwide and over 40,000 living within their service area.
During the year of 1997, the Nation's total operating revenues
exceeded $152 million. Revenue was derived from a diversified source
of operations, that included ranching operations, bingo operations, a
resort, and travel plazas.
First Americans president Dustan Shepherd commented: "We have
just begun to accomplish our goals of providing mortgage loans to the
Native Americans in Oklahoma, as well as other Native American
communities across the United States. We truly believe that we can
provide a social and economic element that is significantly missing in
these communities, as well as, provide ARET the basis for long term
growth and profit realization."
AmeriResource Technologies Inc. is a holding company which,
through its subsidiaries, provides a full range of services, i.e.,
mortgage financing, consulting, design/construction and specializing
in construction management services coupled with economic development
both within and outside the Native American Community. The firm is
based in Lenexa in the Heart of America.
The release may contain forward looking statements that involve
risks 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.
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CONTACT: Dustan Shepherd or Delmar Janovec
Telephone No. 913/859-9505, 913/859-9292
Fax No. 913/859-9520
KEYWORD: KANSAS
INDUSTRY KEYWORD: BANKING BUILDING/CONSTRUCTION
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Brian $^) |
