Whitehall Enterprises Appoints James P. Mack As President Of Alternative Lending Group.Business Editors MIAMI--(BUSINESS WIRE)--Jan. 18, 2001 Whitehall Enterprises, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WTHL) announced today that effective November 10, 2000, James P. Mack, former president of Direct Financial, a Detroit based Company acquired by ALG ALG antilymphocyte globulin. ALG antilymphocyte globulin. ALG Antilymphocyte globulin, see there in March 2000, replaced R. Jeffrey Mertz, Jr. as President of Alternative Lending Group. Pursuant to an extensive internal investigation ordered by Whitehall's President and 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. , Luis Alvarez, accounting inconsistencies and senior management misrepresentations were uncovered during the Company's preparation for its annual audit of its subsidiary, Alternative Lending Group. Previous management's inability to achieve certain financial forecasts and the misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of ALG funds for personal use to the detriment Any loss or harm to a person or property; relinquishment of a legal right, benefit, or something of value. Detriment is most frequently applied to contract formation, since it is an essential element of consideration, which is a prerequisite of a legally enforceable contract. of ALG, led to the termination of Mr. Mertz, among others, and the appointment of James P. Mack as the new President of ALG. "Jim Mack's superb track record and honesty demonstrate that he will be dedicated to the success of our mortgage business," said Whitehall President and CEO, Luis Alvarez. "A high priority of Mr. Mack and his management team, since their appointment, has been focusing on expenditure reduction and cost saving efficiencies which have increased profits," Alvarez continued. "Mr. Mack has instituted certain measures that will allow the integration of our financial subsidiaries with no corporate resistance, interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. or financial burdens brought upon by previous management," stated Luis Alvarez. In under two years and licensed in only one state, James Mack grew Direct Financial's mortgage originations from zero to a peak of $10 million . Since Mr. Mack's involvement in the Company, mortgage originations increased by 300% and his division was producing 70% of ALG's business. "It is my belief that the major problem within ALG has been resolved and that we will be profitable this next quarter. With the assistance of vice-presidents, Michael Matney and Wallace K. Qualls, I have made tremendous strides on the cost side without sacrificing top line revenues, which are continuing to rise," said James P. Mack, President of Alternative Lending Group. "In addition to the change in ALG management, Predatory predatory pertaining to predator. predatory behavior the hunting of birds, mice and small reptiles by cats and the hunting and herding behavior of dogs, often facilitated in a pack. Lending Laws, modifications in HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. exemption protocols and the regulatory environments have caused us to closely examine decisions which will improve our bottom line. We have made the decision to hold licenses in 12 states and are acquiring 2 additional state licenses where we believe we can operate at a profit. "We are continuing to fine-tune our marketing via the Internet and with MiB Group. In addition, investments in new technologies and training will enable our sales force to produce at a higher level as well as offer an expanded product mix. ALG is now in the position to grow it's volume on a profitable basis due to the fact that we have reached an economy of scale with our marketing efforts," concluded James P. Mack. "There is no doubt that Mr. Mack will enhance ALG's fundamental performance as he did for Direct Financial," stated Mr. Alvarez. "It brings me piece of mind knowing that our stringent accounting principles are built upon checks and balances which enable us to detect financial variances, however, the recent discoveries within ALG created a need to submit a late notification filing known as the form NT10-K. As of today, our annual report for the period ending September 30, 2000, has been filed with the SEC and a public earnings announcement will be made available by this afternoon," concluded Luis Alvarez. About Whitehall Enterprises Whitehall Enterprises Inc. (OTCBB:WTHL) is a growth oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. holding company targeting business acquisitions, which will contribute a diversified asset base and positive cash-flow for the company and it's $71 million tax loss carry-forward. Whitehall Enterprises' current business activities include marketing of hair growth stimulation and hair loss prevention technologies, a state-of-the-art medical diagnosis software, plus mortgage banking within 12 states of the U.S., including the issuance of residential title insurance policies. 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 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by Whitehall Enterprises, Inc.) contains statements that are forward-looking, such as statements related to consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Whitehall Enterprises. For a description of additional risks and uncertainties, please refer to Whitehall Enterprises, Inc.'s filings with the Securities and Exchange Commission, including Forms 10K and 10-Q. |
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