(BSNS WIRE) Lahaina Acquisitions, Inc. Completes Purchase of Paradigm Mortg
Lahaina Acquisitions, Inc. Completes Purchase of Paradigm Mortgage Associates
Business Editors
ALPHARETTA, Ga.--(BUSINESS WIRE)--March 20, 2000--Lahaina
Acquisitions, Inc. (OTC Bulletin Board:LAHA; www.accentmortgage.com)
(known as "Accent"), a national mortgage brokerage services provider,
today announced that it has executed a definitive asset purchase
agreement and has completed the purchase of certain assets of Paradigm
Mortgage Associates, Inc. The total value of the transaction is
approximately $1.5 million, or 700,000 shares (the resale of which
shares is subject to Rule 144 restrictions)of Lahaina common stock
based on the value of the shares as of the date the definitive
agreement was first reached, subject to certain contingencies.
L. Scott Demerau, Chairman and Chief Executive Officer of Lahaina
commented, "We are extremely excited about bringing this transaction
to closure. Since February, when we reached a definitive agreement,
our companies have been working together to plan a smooth transition
and we now want to officially extend a warm welcome to the existing
Paradigm branches. As we have previously stated, the combination of
Paradigm's cooperative branch operation with Accent Mortgage Services
creates an organization with nearly 1,000 loan origination
professionals. Our annual run rate in terms of total loan origination
volume will rapidly exceed half a billion as a result of this
transaction".
Demerau continued, "Paradigm brings some seasoned mortgage
industry talent to our management team, and we are pleased to be able
to take advantage of that. We've got a wonderful opportunity to become
the leader in this industry, and I'm confident that the addition of
Paradigm's cooperative branch organization will propel us months ahead
of our business plan. We are committed to providing consumers with a
more pleasant experience when obtaining mortgage financing, and will
continue to seek ways to streamline and shorten the loan origination
process".
Bob Harrell CEO of Paradigm will now become Chairman of Accent
Mortgage Services, Inc. Mr. Harrell stated, "We are elated to have
become part of such a great company with great people. The combined
experience of our new management team will expedite our growth as
professional lenders, resulting in more rapid expansion than could
occur separately."
About The Accent Group, Inc. (Lahaina Acquisitions, Inc.)
The Accent Group, Inc. operates a nationwide mortgage brokerage
organization and has an on-line mortgage presence at
www.accentmortgage.com.
Accent's goal is to become the recognized leader in the mortgage
brokerage industry by continuing to open new branches at a rapid pace,
acquiring existing mortgage brokerage operations and using new and
revolutionary Internet-based technology to significantly increase loan
closing productivity. Accent also operates a real estate development
division.
Safe Harbor Statement
Statements made in this press release, other than those concerning
historical information, should be considered forward-looking and
subject to various risks and uncertainties.
Such forward-looking statements are made based on management's
belief as well as assumptions made by, and information
currently available to, management pursuant to the `safe harbor'
provisions of the Private Securities Litigation Reform Act of 1995.
The Company's actual results may differ materially from the
results anticipated in these forward-looking statements as a result of
a variety of factors, including those identified in Lahaina
Acquisitions, Inc. Annual Report on Form 10-K for the fiscal year
ended September 30, 1999 and its Quarterly Reports on Form 10-Q filed
with the Securities and Exchange Commission.
--30--SF/ph*
CONTACT: Lahaina Acquisitions, Inc.
Investors:
Betty M. Sullivan
Executive Vice President & Chief Operating Officer
or
Frank Ketchum, Director of Investor Relations
770/754-6140
KEYWORD: FLORIDA GEORGIA
INDUSTRY KEYWORD: MERGERS/ACQ BANKING E-COMMERCE REAL ESTATE
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