LAHA news just out . . .
(BSNS WIRE) Lahaina Acquisitions, Inc. Sells Development Rights to Modul
Lahaina Acquisitions, Inc. Sells Development Rights to Modular Home Community in Athens, Tennessee
Business Editors
ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 2, 2000--Lahaina
Acquisitions, Inc. (OTC BB: LAHA)("Lahaina") today announced that it
has executed a definitive agreement and has sold certain development
rights associated with approximately 30 acres of undeveloped land in
McMinn County, Tennessee to H&H Construction, Inc. a Tennessee
corporation. Lahaina expects to realize a profit in excess of $1
million on the sale.
L. Scott Demerau, Chairman and Chief Executive Officer of Lahaina
stated, "Although Lahaina originally planned to develop this property,
the opportunity to sell the land for such a large profit was simply
too good to pass up. We believe the sale demonstrates the Company's
ability to recognize real estate values and capitalize on those
values."
Lahaina Acquisitions, Inc. is a public holding company that, as a
result of its August 1999 merger with The Accent Group, Inc., operates
real estate development and financial services groups. Accent Mortgage
Services, Inc., a wholly owned subsidiary of Lahaina, operates a
nationwide mortgage brokerage organization that is presently licensed
to originate a variety of types of mortgage loans in 20 states. For
more information, contact L. Scott Demerau; Chairman or Betty M.
Sullivan; Executive Vice President at (770) 754-6140, or visit the
Company's Mortgage Division on the Internet at www.accentmortgage.com.
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on current plans and expectations of
Lahaina, its affiliates or subsidiaries, and involve risks and
uncertainties that could cause actual future activities and results of
operations to be materially different from those suggested or
described in the forward-looking statements contained in this press
release. Important factors that could cause actual results to differ
include, among others, risks associated with announced or future
acquisitions (such as the uncertainties of the successful conclusion
of ongoing discussions, the quality of projects acquired, financing
costs and profitability of operations), fluctuations in operating
results, variations in stock prices, change in public interest in
resorts, political and economic climate, competition, weather
conditions, risks of operations, regulatory agencies, policies,
financing difficulties and difficulties in integrating newly acquired
businesses. Additional information concerning factors that could cause
actual results to differ from those in the forward-looking statements
is contained from time to time in the Company's SEC filings. Copies of
these filings may be obtained by contacting the Company or the SEC.
SOURCE: Lahaina Acquisitions, Inc.
--30--DP/at*
CONTACT: Lahaina Acquisitions, Inc
Chairman & Chief Executive Officer
L. Scott Demerau
or
Executive Vice President & Chief Operating Officer
Betty M. Sullivan, 770/754-6140
KEYWORD: GEORGIA TENNESSEE
INDUSTRY KEYWORD: REAL ESTATE BANKING
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