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SUN HARBOR ANNOUNCES MAJOR ACQUISITION AND APPROVAL OF MORTGAGE BANKING LICENSE IN ARIZONA

 SAN DIEGO, March 17 /PRNewswire/ -- Sun Harbor Financial Resources Inc. of San Diego (OTC pink sheets) announced today that the company has acquired $1,792,000 in deed of trust notes from Advanced Educational Systems Inc. The company acquired the notes in exchange for 1,792,000 shares of the company's series A preferred stock. Each series A preferred share is convertible after Sept. 10, 1994, into one share of the company's common stock.
 Gary G. De Gano, president of Sun Harbor, reported that the acquisition represents a further step in the expansion and growth of the company.
 De Gano also announced that the company has received approval for its license as a mortgage banker in Arizona.
 Sun Harbor is San Diego's oldest publicly traded mortgage broker with corporate offices in San Diego's Mission Valley.
 -0- 3/17/93
 /CONTACT: Gary G. De Gano, president of Sun Harbor, 619-282-7100/


CO: Sun Harbor Resources Inc.; Advanced Educational Systems Inc. ST: California IN: FIN SU: TNM

KJ-LS -- SD005 -- 7210 03/17/93 17:47 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:173
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