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 FAMC Fitzsimons Army Medical Center FAMC Florida Agricultural and Mechanical College (now Florida Agricultural and Mechanical University) FAMC First American Monetary Consultants, Inc. ), a subsidiary of AmeriResource Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ARET A`ret´ v. t. 1. To reckon; to ascribe; to impute. ) and James E. Shipley, chairman and 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 EMB EMB eosin-methylene blue. Corp. (OTC BB:EMBU EMBU Emerging Markets Business Unit ) announced today that the two companies will join forces to expand FAMC's loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. delivery systems through the use of EMB's interactive video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. 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." 6 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. |
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