MIAMI, Oct. 9, 2007 (PRIME NEWSWIRE) -- Aventura Holdings, Inc. (OTCBB:AVNT) (referred to as "Aventura", the "Company", "we", "our" or "us") has received a request from the Foss Group law firm seeking a retraction of our October 5, 2007 press release incorporated herein by reference. Aventura stands by its factual assertions and calls for the resignation of Donald Foss as Chairman of sub-prime lender Credit Acceptance Corporation (Nasdaq:CACC).
Aventura learned through its due diligence that:
* Horvath / Foss automobile dealerships and sub-prime automobile finance companies are insolvent and may have negative value
* Donald Foss had a direct interest in Horvath Holdings, LLC and Horvath "owned" sub-prime automobile finance companies contrary to Aventura relied upon representations made on Credit Acceptance Corporation's quarterly and annual reports (Forms 10-Q and 10-K)
* Donald Foss controlled Aventura as an undisclosed principal during the term of the warrant
* Horvath / Foss sub-prime automobile finance companies operate unlicensed and may not be in compliance with other local laws
* Dickinson Wright interpreted dual consent as an invitation to intentionally serve their other clients who may provide greater fees to the detriment of Aventura
* Credit Acceptance Corporation (Nasdaq:CACC), Donald Foss, Mark Horvath, Horvath /Foss automobile dealerships and Horvath /Foss sub-prime automobile finance companies are defendants in a Racketeer Influenced and Corrupt Organization (RICO) lawsuit in Florida Northern District Court (Case Number 3:2007cv00209) involving financed automobiles.
About Aventura Holdings, Inc.
Aventura Holdings, Inc. owns a majority interest in Ohio Funding Group, Inc. (Ohio). Ohio was a lender in the sub-prime automobile market. Ohio collects from its borrowers and services loans on recourse debt.
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.