Monday March 8, 6:07 pm Eastern Time
Company Press Release
First Americans Mortgage Corp. and EMB Corp. Announce Internet Partnership
LENEXA, Kan.--(BUSINESS WIRE)--March 8, 1999--Dustan R. Shepherd, president of First Americans Mortgage Corp. (FAMC), a subsidiary of AmeriResource Technologies Inc. (OTC BB:ARET - news) and James E. Shipley, chairman and CEO of EMB Corp. (OTC BB:EMBU - news) announced today that the two companies will join forces to expand FAMC's loan origination delivery systems through the use of EMB's interactive video conferencing software and Internet webpage technology.
FAMC will immediately begin work with EMB on the design and implementation of an origination webpage for the company.
The webpage will be available to both on and off reservation Native American home buyers for pre-qualifying and/or making a home loan application. FAMC and EMB will begin identifying current and potential FAMC for implementation of EMB's
''Video Interactive Mortgage Process'' (V.I.P). FAMC will also begin to set the groundwork to utilize the V.I.P. system within
the urban Indian project that was announced on Feb. 18, 1999.
Shepherd stated: ''The use of the Internet and video conferencing is the wave of the future in loan origination. Through this
technology we can reach far more customers, located both on and off reservation than we ever could in the old branch network
structure. We are extremely excited about this partnership with EMB Corporation and EMB's cutting edge e-commerce technology.'' Shepherd went on to say, ''There are approximately 550 Native American Tribes throughout the U.S., and even though we don't expect to be tied in to all of them, we certainly expect this technology to expand our business by an additional $50 million by year end.''
\266 Shipley said: "According to estimates by James Marks, Deutsche
Bank Securities Analyst, the online mortgage industry is set for explosive growth, with projections topping $60 billion by the year 2000. The goal of EMB and FAMC is to provide a faster, flexible and more compete online mortgage solution with new technology, thus, capturing as much of the projected $60 billion online mortgage business as possible.''
The 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:
First Americans Mortgage Corp., Lenexa
Dustan R. Shepherd, President
Telephone: 913/859-9505
Facsimile: 913/859-9520 |
