LAHA: More news to follow on Monday.
Friday February 4, 10:45 am Eastern Time
Company Press Release
Lahaina Acquisitions, Inc. Sells Beachside Subsidiary
Approximately $4,500,000
Increased Focus on Top Metro Markets and Mortgage Origination
ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 4, 2000--Lahaina Acquisitions, Inc. (OTC Bulletin Board:LAHA - news) today announced that it has
executed a sale of its subsidiary, Beachside Commons I, Inc., to Beachside Holding, LLC a non-affiliated Georgia limited liability company. The major
asset owned by Beachside Commons I, Inc. is Beachside Commons, a commercial real estate development located in Fernandina Beach, Florida on Amelia
Island.
Management has determined that the value of the transaction is approximately $4,550,000. The consideration consists of a one year, non-recourse
promissory note from the Buyer in the amount of $3,000,000 (secured by 660,000 shares of Lahaina Common Stock), and the assumption of certain
liabilities primarily consisting of the existing first Mortgage on the property in the approximate amount of $1,550,000.
L. Scott Demerau, Chairman and Chief Executive Officer of Lahaina Acquisitions, Inc., stated, ``We are pleased to have reached this agreement on the sale
of the Beachside Commons I, Inc. subsidiary. While our emphasis is on top metropolitan markets in the Southeast, Beachside is in a resort location with
very different attributes from our other real estate holdings. This sale will allow us to focus more clearly on adding to our real estate portfolio in our target
markets.' Demerau also continued, ``The sale of Beachside will also allow us to continue to grow our primary business of mortgage origination through
our branch office expansion, Internet based communications and acquisitions such as Paradigm Mortgage Associates which we have previously
announced.'
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.
Contact:
Lahaina Acquisitions, Inc
Chairman & Chief Executive Officer
L. Scott Demerau
or
Executive Vice President & Chief Operating Officer
Betty M. Sullivan, 770/754-6140 |
