HALEIWA, Hawaii, Sept. 21 /PRNewswire-FirstCall/ -- Hawaiian
Hospitality Group, Inc. (Pink Sheets: HHGI), a growing provider of
sustainable land use solutions and event services, successfully
completed the acquisition of Submersible Technical Services, LLC on
September 15, 2010. The acquisition
will enable Hawaiian Hospitality Group to expand its service
offerings to include highly sought after underwater island tours
and significantly increase its revenue potential this year.
Submersible Technical Services is a growing submarine tour
company headquartered in Las Vegas,
Nevada. The newly acquired company will operate as a wholly
owned subsidiary of Hawaiian Hospitality Group with principal
offices on the island of Oahu near
the oceanfront Ko Olina Resort, a world-renowned luxury getaway.
Submersible Technical Services is engaged in the design,
manufacture and operation of personal, one to four person
submersible vehicles for diving, fishing and sightseeing
excursions.
Ms. Renee Leong, CEO of Hawaiian
Hospitality Group, commented: "The acquisition of Submersible
Technical Services will enable Hawaiian Hospitality Group to
provide a unique experience for visitors to the Hawaiian Islands,
add a new revenue stream, and increase our standing as a premier
provider of destination services. Submersible Technical Services is
an excellent fit with our business model and we believe it will
contribute positively to our growth this year."
Through its wholly owned Loulu Palm Estate LLC subsidiary,
Hawaiian Hospitality Group operates a popular venue for weddings
and events on Oahu's prestigious
North Shore. Loulu Palm Estate began operations in 2009 as a
destination wedding site with immediate cashflow from venue fees
and event services. 2010 sales and bookings for Loulu Palm Estate
have increased significantly and additional growth is expected.
About Hawaiian Hospitality Group, Inc. (HHGI.PK)
Hawaiian Hospitality Group, Inc. is a growing provider of
sustainable land use solutions and event services. The company
draws on environmental engineering expertise to identify, design,
develop and operate destination sites that provide environmental
and commercial revitalization for Hawaii's coastal properties. Hawaiian
Hospitality Group employs innovative approaches to land use that
generate profitable enterprises while restoring and preserving the
beauty and natural resources of the Hawaiian Islands. The company
generates revenue from venue fees, catering services, wedding
planning and other services on the destination sites it develops,
maximizing value while minimizing the ecological footprint of its
operations.
Except for statements of historical fact, some information in
this announcement contains "forward-looking statements" that
involve substantial risks and uncertainties. You can identify these
forward-looking statements by words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may,"
"should," "will," "would" or similar words. The statements that
contain these or similar words should be read carefully because
these statements discuss our future expectations, contain
projections of our future results of operations or of our financial
position, or state other forward-looking information. We believe
that it is important to communicate our future expectations to our
investors. However, there may be events in the future that we are
not able accurately to predict or control.
Since our common stock is considered a "penny stock" we are
ineligible to rely on the safe harbor for forward-looking
statements provided in Section 27A of the Securities Act of 1933,
as amended (the "Securities Act"), and Section 21E of the
Securities and Exchange Act of 1934, as amended (the "Exchange
Act").
www.hawaiianhospitalitygroup.com
SOURCE Hawaiian Hospitality Group, Inc.
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