ARET Subsidiary, Tomahawk, Enters Into a "Memorandum of Understanding" With the Chickasaw Division of Housing.LENEXA, Kansas--(BUSINESS WIRE)--Aug. 20, 1998--AmeriResource Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARET A`ret´ v. t. 1. To reckon; to ascribe; to impute. ) announced Thursday that its subsidiary, Tomahawk tomahawk [from an Algonquian dialect of Virginia], hatchet generally used by Native North Americans as a hand weapon and as a missile. The earliest tomahawks were made of stone, with one edge or two edges sharpened (sometimes the stone was globe shaped). , has entered into a "Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. " with the Chickasaw Division of Housing of the Chickasaw Nation
Delmar Janovec, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ARET, stated: "This Memorandum of Understanding will develop into a Joint-Venture Partnership that will provide the foundation for ARET's future Native American Construction projects. The Joint-Venture combined with First Americans financing capabilities will set the groundwork for the continued expansion throughout Indian Country. According to HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. , currently there
is a need for between 10,700 and 30,600 homes for homeownership within
Native American Communities. We anticipate that through our subsidiaries
we will have a significant opportunity to finance and construct a
lion's share of these homes."AmeriResource Technologies Inc. is a holding company that through its subsidiaries, is a full service mortgage, consulting and design/construction firm based in Lenexa, specializing in construction management services and economic development both within and outside the Native American Community. This 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: AmeriResource Technologies Inc., Lenexa
Barry Denslow or Dick White
913/859-9292, Fax 913/859-9520
or
LBI Group Inc., Coral Springs, Fla.
Robert Solarchik
800/913-9767 or 954/346-5796
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