LAHA, I just got this email from Diamonds-In-The-Rough.com
Special Report
Company Name: LAHAINA ACQUISITIONS, INC.
Stock exchange and symbol: OTC BB: LAHA
Closing Price (1-28-2000): $2.31
Shares Outstanding: 16.5 million
Float size: 1.5 million
Free trading shares: 400,000
Status: The company filed a 10K on 1-14-2000
LAHAINA ACQUISITIONS, INC. (OTC BB: LAHA), is a public holding company with a
carefully crafted business strategy to match its vision: The integration of
its divisions into one synergistic, dynamic and profitable organization. The
company's divisions are:
The Financial Services Group: provides mortgage financing and consumer credit
in 20 states, primarily within Sunbelt markets. In addition to their focus in
highly populated metropolitan areas, they have a presence in some of the same
resort markets that the Resort Strategies Group has holdings.
LAHA's commitment into the fast growing and profitable mortgage finance
market was highlighted when, on January 11, 2000, it announced it executed a
letter of intent to acquire all of the issued and outstanding common stock of
Paradigm Mortgage Associates, Inc. of Jacksonville, Florida. Paradigm is one
of the largest cooperative branch mortgage companies in the country with more
than 250 branch offices. (See press release, below).
Taking advantage of the Internet and the growth of e-commerce, LAHA's Accent
Mortgage Services, part of The Accent Group, expanded its network of branches
by opening over 140 "Net-Branches." Now online, Accent markets "Internet
based" mortgage processing to its branches, all without the expense
traditionally associated with construction of branch offices. This concept is
now a nationwide, "Net-Branch" mortgage organization.
L. Scott Demerau, Chairman and CEO of both Lahaina and The Accent Group,
Inc., explained the substantial benefits of "Net Branch" as follows: "We feel
this makes us more efficient and provides the benefits of field operations to
interface with the clients, but without the overhead of a large corporate
staff." Additionally, Demerau, continued, "These activities represent a
significant base for our future growth, with the "Net-Branch" being our
technology leverage. This allows us to compete with other firms like E-Loan
(NASDAQ:EELN) and Mortgage.com (NASDAQ:MDCM)."
The Resort Strategies Group, comprised of Klein Real Estate Services, Inc.
(KRES), is focused on real estate and related businesses within emerging
resort markets. In these areas the rapid growth in vacationing, coupled with
an increase in the ownership of second homes, is creating property
appreciation and increased business activity at a rate greater than many
other metropolitan areas. KRES is based in Amelia Island, Florida.
Another exciting and upcoming business area for the company is its Internet &
Communications Group. It provides advertising, marketing and electronic
commerce which takes advantage of the latest capabilities for interactive
online, "on-demand" streaming of video and audio via the Internet, including
integrated solutions for marketing, training and e-commerce applications in
retail, lodging and real estate.
The Internet & Communications Group's Accent Academy shares the
responsibility for the successful opening of the "Net Branches" previously
discussed, by providing the training in residential mortgage financing, stage
funding and other mortgage activities to employees and managers involved in
the project.
Some breaking news: Sources close to LAHA, and familiar with the company's
long-term growth strategy, anticipate the company will make an important
announcement mid next week. While we are not privy as to what the
announcement is about, we would not be surprised if it involved a major
acquisition.
As always, do your own DD. Write us with your comments and opinions.
Regards. DIAMONDS-IN-THE-ROUGH.COM
We enclose the text of LAHA's most recent news release:
ALPHARETTA, Ga., Jan 11, 2000 (BUSINESS WIRE) -- Lahaina Acquisitions, Inc.
(OTC BB:LAHA) today announced that it has executed a letter of intent to
acquire all of the issued and outstanding common stock of Paradigm Mortgage
Associates, Inc. ("Paradigm") of Jacksonville, Florida. Paradigm started in
1997 and is one of the largest cooperative branch mortgage companies in the
country with more than 250 branch offices. Terms of the transaction have not
been disclosed.
Commenting on the proposed transaction, L. Scott Demerau, Chairman and Chief
Executive Officer of Lahaina stated, "Our wholly owned subsidiary, Accent
Mortgage Services, Inc. ("AMS") has made a name for itself in the mortgage
brokerage industry over the past six months and has recruited more than 200
new branches. We are extremely excited about the prospects of partnering with
Paradigm to accelerate our growth. The Executive Management team of AMS and
Paradigm together offer more than 500 years of combined mortgage experience
to the market. Both companies realize the importance of education and
training, and have trained more than 1,000 employees through Paradigm
University and Accent Mortgage Academy." Demerau continued, "The joining of
these two great organizations provides an excellent platform for more
accelerated growth in our mortgage brokerage division and we believe it will
propel us 18 months ahead of our growth model."
"This transaction makes a great deal of sense for both Paradigm and Accent
Mortgage Services," stated Robert Harrell, Chief Executive Officer and
President of Paradigm. Both of our companies have experienced significant
growth during the past year, and the broker/banker combination clearly sets
the stage for us to become a major player in the mortgage industry. We should
be able to realize significant benefits as a larger player and with combined
cost savings," Harrell continued.
Demerau stated that "a plan of acquisition" should be defined by Jan.31st,
2000 and that the transaction is expected to close within 60 days. Closing of
the transaction is subject to, among other things, negotiation of a
definitive agreement and plan of merger, satisfactory completion of a due
diligence review, approval by both companies' boards of directors, and
appropriate regulatory approvals.
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 at (770) 754-6140 and visit the mortgage subsidiary on the Internet
at www.accentmortgage.com .
______________________________________________________________________
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