(BSNS WIRE) Lahaina Locks Up Over 8 Million Shares of Restricted Stock
Lahaina Locks Up Over 8 Million Shares of Restricted Stock
Business Editors
ALPHARETTA, Ga.--(BUSINESS WIRE)--July 20, 2000--Lahaina
Acquisitions, Inc. (OTC BB:LAHA) - All of the major shareholders of
the original Lahaina consolidation have announced their intention to
lock-up over 8 million shares of restricted stock for the next 12
months. The stock would have become saleable on August 23, 2000, under
provisions of Rule 144 issued by the Securities and Exchange
Commission. The lock-up will be subject to certain limited release
provisions.
"The shareholders of the original consolidation are partners and
view Lahaina as a growth stock with significant upside potential so
there was never an intent to sell when the restriction of Rule 144
elapsed," said CEO Scott Demerau. "The shareholders recognize that the
market perceives these shares would become available under Rule 144 on
August 23, and we felt it appropriate to announce the formal lock-up
to the public."
"We believe that locking up the stock for the next 12 months will
support the Company's healthy growth rate, as well as its strategy to
spin-off the mortgage operation into a separate public company."
Shareholders of Lahaina on the record date will receive stock in
the mortgage company, to be called The Accent Group, Inc. Lahaina
expects to announce the record date within the week.
About Accent
Accent 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 opening new branches, acquiring existing mortgage
operations and using new Internet-based technology to significantly
increase loan closing productivity.
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. Lahaina Acquisitions, Inc.
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 it's
Quarterly Reports on Form 10-Q filed with the Securities and Exchange
Commission.
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CONTACT: Lahaina Acquisitions, Alpharetta
Betty M. Sullivan, 770/754-6140
KEYWORD: GEORGIA
INDUSTRY KEYWORD: BANKING REAL ESTATE
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