Lahaina Reports Status On Sale of Accent Mortgage Services, Inc.

Business Editors

ATLANTA--(BUSINESS WIRE)--March 8, 2002

Lahaina Acquisitions, Inc. (OTCBB: LAHA) is pleased to announce that it is now in a position to complete the sale of its independent mortgage brokerage division, Accent Mortgage Services, Inc. (AMSI) to Accent Management Group LLC (AMGL), a private company based in Atlanta, Georgia.

The sale can be completed based upon LAHA's recent receipt of consent from necessary interested parties. Once the sale of AMSI is complete, LAHA expects to focus on its remaining mortgage banking subsidiary, United Capital Mortgage Corporation (UCMC).

The $4.2 million price paid by AMGL includes the issuance of $1,775,000 in AMSI Preferred Stock, yielding an annual cash dividend of 6%, plus the forgiveness of $2,262,500 in debt owed to AMSI by LAHA. In addition, LAHA will retain 9.9% ownership in AMSI after the sale is completed. Because of the debt satisfaction portion of the sale price, LAHA will recognize a gain on the sale.

Dan Moudy, President and CEO of Lahaina commented: "AMSI is in the hands of a very capable leadership team, including Betty Sullivan, Chairman of AMGL and CEO of AMSI, and Forrest Young, President of AMSI. LAHA's continued 9.9% stake demonstrates our confidence in AMSI's future. The sale of AMSI will allow UCMC to concentrate on its independent growth strategy, supported by additional warehouse credit lines for the conforming mortgage banking division." Ms. Sullivan added: "AMSI plans to continue building its mortgage broker network, supported and supplemented by AMSI's Retail Operations Center located in Atlanta, Ga.

Mr. Moudy continued, "The sale of AMSI will have an effective date of September 30, 2001 to coincide with the companies' fiscal year-end. The closing of the transaction is expected to take place within the next 30 to 45 days. Now that the sale of AMSI can proceed, LAHA will be free to grow the mortgage banking division and to actively seek out acquisition candidates in keeping with this strategy."

About the Company

Lahaina currently operates a multi-state banking operation through United Capital Mortgage Corporation and Cross Keys Capital Corporation, wholly owned subsidiaries, and has a national on-line mortgage presence at www.ucmc.net. The goal of the Company is to become a national leader in the mortgage banking industry by continuing to (i) expand its business internally by increasing same branch office originations and opening new offices; (ii) expand externally by acquiring existing mortgage operations and (iii) increase overall loan productivity by employing new and conventional Internet-based technology.

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, 2001 and its Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.