Thursday May 20, 5:45 pm Eastern Time
Company Press Release
First Americans Mortgage Corp. Announces Strategic Alliance With Investment Banking Firm, George K. Baum & Company
LENEXA, Kan.--(BUSINESS WIRE)--May 20, 1999--Dustan R. Shepherd, President of First Americans Mortgage Corporation (FAMC), a subsidiary of AmeriResource Technologies, Inc. (OTC BB:ARET) and John D. Urbina, Senior Vice President and Manager Public Finance of George K. Baum & Company announced today that the two companies will join forces to deliver residential loan programs to Native American home buyers and tribal governments through the use of mortgage revenue bonds and other public financing strategies.
FAMC and the Kansas City, Missouri-based investment banking firm plan to combine their expertise in an innovative collaboration to develop new means to finance housing in Indian Country. ''The use of mortgage revenue bonds to finance housing on reservations is virtually nonexistent today,'' said Shepherd. ''This alliance will allow FAMC to focus on product development for home buyers that would not otherwise qualify for a mortgage under the company's PMI/Freddie Mac loan program. This partnership also allows FAMC to enter other areas of housing finance such as single & multifamily rental, equity financing for tax credit projects and construction period & infrastructure financing.''
George K. Baum & Company, founded in 1928, provides a full range of investment banking services and products, to investors, corporations and municipalities. With offices located nationwide, George K. Baum & Company has consistently ranked among the top ten underwriters of housing bonds. For the year ending December, 1998, the firm was nationally ranked third for the number of housing issues financed. Dollar volume for housing issues for the year ending December, 1998 was approximately $1.0 billion.
Mr. Urbina commented: ''We are pleased to form this association with FAMC. Our common goal is to provide affordable housing and economic development products for Native Americans throughout the Nation. This partnership will expand our ability to deliver specialized financial services to satisfy the diverse needs of Indian Country.''
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 Corporation, Lenexa
Dustan R. Shepherd, President
913/859-9505, (Fax) 913/859-9520 |
