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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Tom Allinder who wrote (50024)	6/7/2000 10:06:00 AM
From: Tom Allinder	Respond to of 150070

DALLAS, Jun 7, 2000 /PRNewswire via COMTEX/ -- Ameri-First Realty Group, a newly formed real estate division of the Ameri-First Financial Group, has entered into a binding purchase agreement to acquire 5 Homegate Studios and Suites throughout the State of Texas. The following 5 locations will be included in this purchase: Amarillo, El Paso, Irving, San Antonio - Airport, San Antonio - Fiesta Texas. The audited properties after accumulated depreciation have a current book value in excess of $34 Million and generate over $2,600,000 in net operating income. The properties were purchased for 4,500,000 shares of AMFR Rule 144 stock, $500,000 in cash, and the assumption of debt of approximately $17,600,000. This acquisition is one of many planned by the Ameri-First Realty Group, Inc. The current management of the Homegate Chain has signed a two year management contract for all Hotels purchased at a rate of 4% of revenues. This contract is expected to be extended to all future purchases. Company Chairman and CEO, Jeffrey C. Bruteyn, expressed enthusiasm and stated, "This acquisition enables Ameri-First Financial Group, Inc. to enter into the lucrative field of real estate management and finance, in addition to giving our company the extra assets it currently needs to facilitate our Nasdaq NMS Filing." Contact: James N. Chatham, II of Ameri-First Financial Group, Inc. (214) 599-9050 SOURCE Ameri-First Financial Group, Inc.