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We wanted to bring LAHA to your attention. We have been speaking with
this company on a daily basis for the past week. The more DD we gather
on LAHA; the more we believe they are extremely undervalued at these levels.
The company has informed us they will be issuing a PR any day now.
Company Name: LAHAINA ACQUISITIONS, INC.
Stock exchange and symbol: OTC BB: LAHA
Closing Price (1-31-2000): $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 200 "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)."
Why we believe LAHAINA ACQUISITIONS INC.(LAHA) is extremely undervalued
compared to one of its largest competitor's E-Loan (Nasdaq:EELN)
1.LAHAINA ACQUISITIONS INC.(LAHA) will show a profit in this fiascal
qtr. of this year. E-Loan does not anticipate showing a profit for
another couple of years. E-Loan released earnings Jan.31, 2000 (.58)
Estimated EPS for
E-Loan in 2000, ($1.26), 2001, ($1.00)
2. LAHAINA ACQUISITIONS INC. (LAHA) anticipates a annualized origination
loan value on an annualized bases will be at $1 billion (loan
origination's) by midsummer 2000. E-Loan anticipates $500 million run
rate (loan origination) for the entire year of 2000.
3.LAHAINA ACQUISITIONS INC.(LAHA) is currently trading $ 2 13/16
(2/1/00. E-Loan
(Nasdaq: EELN) is trading around $13 (2/1/00)
4.LAHAINA ACQUISITIONS INC.(LAHA) Outstanding shares is only 16.5
million. E-Loan
(Nasdaq: EELN) Outstanding shares are 40 million.
5.Due to the explosive growth of the net branch concept and strategic
acquisitions/mergers; we believe LAHAINA ACQUISITIONS (LAHA) is
extremely undervalued compared to E-Loan (EELN).
Other Entities under the LAHAINA ACQUISITIONS INC. (LAHA) umbrella:
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.
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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