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").
SOURCE Hawaiian Hospitality Group, Inc.