Lahaina Report Net Income of $298,223 on Significant Mortgage Revenue Increase for 1st Quarter, December 2000

Business Wire, Feb 20, 2001

Business Editors

ALPHARETTA, Ga.--(BUSINESS WIRE)--Feb. 20, 2001

Lahaina Acquisitions, Inc. (OTCBB: LAHA)(OTCBB: LAHAE) today announced that its mortgage origination operation has produced record revenue for its 1st quarter ending December 2000.

Revenues for the three-month period ended December 2000, totaled $4,228,611 compared to $1,686,361 for the three-month period ended December 1999. This increase of $2,542,250 or 150.8% was due to the acquisitions of United and Cross Keys. The Company reported net income of $298,223 compared to a net loss in December 1999 of $670,126.

"We are beginning to see the fruits of our labor, with net income of $300K and a significantly improved balance sheet," says Lahaina's Chairman and CEO, L. Scott Demerau. Mr. Demerau continued, "It is great to have completed an acquisition that exceeds your expectations and United Capital has done just that. United continues to have record breaking months and once we have all three companies fully integrated, we will be able to realize the full potential, which will lead to many more opportunities and continued growth for the future."

Lahaina's Executive VP and COO, Betty Sullivan commented, "Our priority is to devote all of management's attention to the integration of Accent, United Capital, and Cross Keys. We are currently refining our Strategic Plan including the core competencies, required initiatives, pro-forma financial models and the organizational structure model. United's Team will lead the charge in the mortgage division. Immediate opportunities are present to improve overall performance and enhance the platform to move us forward."

About the Company

Lahaina currently operates a multi-state brokerage and banking organization through The Accent Mortgage Group, Accent Mortgage Services, Inc., United Capital Mortgage Corporation and Cross Keys Capital Corporation, wholly owned subsidiaries, and has a national on-line mortgage presence at www.accentmortgage.com and www.ucmc.net. The goal of the mortgage side of the Company is to become the recognized leader in the mortgage brokerage and banking industry by continuing to grow its mortgage operations within, acquiring existing mortgage operations and using new and conventional Internet-based technology to significantly increase loan closing productivity.

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.'s 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, 1999, and its Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.