Miami, FL (PRWEB) August 4, 2008
During the 2nd quarter AmStar acquired a Florida Mortgage Lender's License. The license was contributed by the Company's Directors. The license will allow AmStar, once funded, to retain servicing rights to loans it purchases, should it choose to do so.
AmStar is interviewing banking advisors to assist management in acquiring the funds necessary to launch the warehouse line. A decision regarding the candidate selected is expected within the month.
Further information is available in the 2nd Quarter 10Q expected to be available later today.
An audio "podcast" is available at AmStar Audio Up Dates that more fully discusses the Company's progress toward full implementation of its plan.
AmStar trades over the counter as Symbol AMAF and is a fully reporting registrant.
Questions about this release may be directed to management via the Contact button located at AmStar's Web Site
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This release and AmStar's audio podcasts may contain information regarding the Company's developing business plan to provide Reverse Mortgage Warehouse facilities. It is uncertain if this business plan will succeed and the company makes no guarantees of any kind as to its future success, if any. The results of a plan like this are subject to risks and uncertainties that could cause our actual performance to differ materially from those expected and discussed in press releases or SEC filings. Factors that might cause such a difference include the possibility of continued decline in the American housing market further depressing home values, higher than anticipated interest rates requiring us to pay a higher coupon than originally planned on the warehouse facility money, slower access to the funding needed, greater than anticipated operating costs, potential issuance of additional shares, the adverse outcome of currently unforeseen litigation, the decline of availability of reverse mortgage product at reasonable rates, and a deepening downturn in general economic conditions. These forward-looking statements speak only as of the date made. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.