Wednesday October 7, 7:58 am Eastern Time
Company Press Release
First Americans Mortgage Corp. Prepares to Close First Loan Under Its $10,000,000 Choctaw Nation Commitment
LENEXA, Kan.--(BUSINESS WIRE)--Oct. 7, 1998--First Americans Mortgage Corp., an AmeriResource Technologies Inc. subsidiary (OTC BB:ARET - news) 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 [NYSE:FRE - news], 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.
Contact:
Dustan Shepherd or Delmar Janovec
Telephone No. 913/859-9505, 913/859-9292
Fax No. 913/859-9520 |
