LAHA Announces Real Estate Sales of $2.0 Million.Business Editors ALPHARETTA, Ga.--(BUSINESS WIRE)--July 7, 2000 Another $1.3 million to close by September 30 Lahaina Acquisitions (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:LAHA LAHA Living Away from Home Allowance (construction) ) has closed a $2 million sale of four lots at Swiss Air Estates, the Company's upscale residential development at Lake Lanier Lake Lanier (officially Lake Sidney Lanier) is a manmade lake in the northern portion of the U.S. state of Georgia. It was created by the completion of Buford Dam on the Chattahoochee River in 1956, and is also fed by the waters of the Chestatee River. , Georgia, just north of Atlanta. The remaining seven lots range in price from $350,000 to $900,000 each. Swiss Air Estates is an exclusive lakefront development composed of executive home lots. Once completed Swiss Air will be a gated community with private road access, consisting of homes from $2 million to $8 million. Scott Demerau, the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , believes the announcement "validates the appeal of our Swiss Air project and, given the brisk home and lot sales in other Lake Lanier developments, we believe the remaining Swiss Air lots will continue to rapidly sell." Lahaina also announced that is has received five sales contracts totaling $1,350,000 for the purchase of seven lots at its Peachtree Industrial Boulevard Peachtree Industrial Boulevard is a very long road that runs from Peachtree Street just south of Chamblee, and ends in Buford. Major Interchanges DeKalb County Road(s) intersected Destination(s) Notes Peachtree Road Chamblee Southern terminus Park development, a 50-acre light industrial and commercial site in Fulton County, Georgia Fulton County is a county located in the U.S. state of Georgia. Its county seat is Atlanta6, the principal city of the Atlanta metropolitan area. As of the 2000 census, the population was 816,006. The 2006 Census Estimate placed the population at 960,009 [1]. , north of Atlanta. It is anticipated that these sales contracts will close in late August and early September of this year. Additionally, there has been one 4-acre tract sold to a single entity. Demerau says it is significant that "the contracts to purchase the Peachtree Industrial lots were obtained during the initial startup marketing effort. The Peachtree Industrial acreage has been for sale only for six weeks. We believe this quick response demonstrates strong demand for this industrial property." Lahaina also believes that the positive real estate results announced today affirms the Company's previously announced plan to make real estate a stand-alone public company by spinning off Lahaina's mortgage operation. The mortgage company will be public and owned by Lahaina's existing stockholders as of the record date. The record date is the date upon which one must be a Lahaina stockholder in order to receive the dividend of shares in the mortgage company. The record date, dividend date and the amount of the dividend will soon be announced. About the Company Lahaina currently operates a multi-state brokerage organization through The Accent Mortgage Group and Accent Mortgage Services, Inc., wholly-owned subsidiaries, and has a national online mortgage presence at www.accentmortgage.com. The goal of the mortgage side of the Company is to become the recognized leader in the mortgage brokerage industry by continuing to open new branches at a rapid pace, acquiring existing mortgage operations and using new and revolutionary Internet-based technology to significantly increase loan closing productivity. The Company operates its real estate development business under the name, The Accent Real Estate Group. The Accent Real Estate Group currently has four real estate projects underway: an exclusive lakefront residential development, a 50-acre industrial and commercial development, a 33-acre townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. development, and a 13-lot midlevel mid·lev·el n. The middle stage or level, as in a series, course of action, or career. residential subdivision development. The goal of the real estate division is to partner with real estate developers in arrangements whereby the developers exchange real property interests for equity in the Company and/or the development, allowing development-ready properties to be available to the Company at highly favorable evaluations. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Lahaina Acquisitions, Inc.'s actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, included those identified in Lahaina Acquisitions, Inc. Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 30, 1999 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. |
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