MIAMI, Feb. 23, 2006 (PRIMEZONE) -- Aventura Holdings, Inc. (OTCBB:AVNT) (Frankfurt:WKN#570891) ("Aventura") signed a Memorandum of Understanding and Intent to acquire 30% of Ohio Funding Group, Inc. (a Michigan corporation and wholly owned portfolio investment of Horvath Holdings, LLC) (Ohio) in exchange for Company stock.
Terms of the MOU include granting a one year option to Horvath to purchase a controlling interest in Aventura through the sale of the remaining controlled entities owned and operated by Horvath to Aventura either in a single transaction or a series of transactions.
Ohio Funding Group, Inc. is a profitable company financing receivables related to the sale of automobiles at Horvath controlled dealerships. Allan Apple, director of Ohio says, "we are excited about the opportunity Aventura presents and embrace Aventura's leadership capabilities." Mark Horvath, managing director of Horvath Holdings, LLC adds, "I expect the acquisition of Ohio Funding by Aventura to be the first step in a series of highly profitable transactions. We expect that Aventura's investment in this industry will be recognized for years to come." Craig Waltzer, president of Aventura Holdings, Inc. was quoted to say, "The Horvath arrangement is expected to strengthen Aventura's investment portfolio, enhance shareholder value and restore confidence with our investors. This acquisition of Ohio by Aventura fits into our future focus towards 'brick and mortar' type investees nestled in profitable segments of established industries."
About Aventura
Aventura Holdings, Inc. is a Business Development Company (BDC) operating as an investment holding company. Aventura acquires and invests its assets to build an investment portfolio and enhance shareholder value. Aventura's mission is to provide capital and advisory services for management buyouts, recapitalizations, and the growth and capital needs of emerging companies. As a BDC, Aventura is positioned to raise capital for acquisitions and investments in a more efficient manner and to develop and expand its business interests.
About Ohio
Ohio Funding Group, Inc. is a wholly owned portfolio investment of Horvath Holdings, LLC. Ohio finances receivables related to the sale of automobiles at Horvath controlled dealerships. Ohio's concentration is in the sub-prime lending market for which its principals have more than 50 years experience. The company is currently profitable and delivers positive cash flow.
About Horvath
Horvath Holdings, LLC was formed in 2004 to consolidate common ownership of automobile dealerships and finance companies in the Michigan, Ohio and Pennsylvania tri-state areas. As managing director, Mark Horvath is a University of Michigan alumni with national public accounting credentials and former vice-president of a successful publicly traded sub-prime lender.
Safe Harbor
This press release may contain "forward-looking statements." Although Aventura Holdings, Inc. believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Aventura Holdings, Inc. assumes no obligation to update those statements to reflect actual results, changes in assumptions and other factors. The forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. Additional information that could lead to material changes in performance is contained in filings with the Securities and Exchange Commission.