Press Release: Vestin Group, Inc.
August 19, 2002
LAS VEGAS, NV -- Vestin Group, Inc. (Nasdaq: VSTN), a leading company in the commercial mortgage business, Aug.
16 announced that its common stock has been approved for trading on the Nasdaq National Market effective Friday,
August 16, 2002.
Following the move from the Nasdaq Small Cap Market, the company's stock will continue to trade under the symbol
VSTN.
"Moving up to the Nasdaq National Market demonstrates yet again our sound fundamentals and consistent growth
performance," Mike Shustek, Vestin Group Chairman and CEO, stated. "With the increased visibility and
liquidity for our stock afforded by this move, we are confident that we will be able to further broaden the investor
base and enhance shareholder value."
On August 12th, Vestin Group announced that second quarter revenues advanced 88% to $8.9 million from $4.7 million
recorded in last year's second quarter. Net income for the second quarter of 2002 grew more than tenfold to approximately
$2.1 million, or $0.35 and $0.22 per basic and diluted share, from $189,000, or $0.03 per basic and diluted share
from a year ago. The company also announced on August 12th that it expects third quarter revenues to be in a range
of $7.5 to $8.5 million and diluted earnings per share in the range of $0.23 to $0.27.
About Vestin Group
Vestin Group, Inc., through its lending division, is one of the nation's largest private lenders. Its subsidiary,
Vestin Mortgage, is a Las Vegas-based commercial mortgage broker. Vestin Mortgage has facilitated more than $1
billion in the last five years of lending transactions. Through its subsidiary Vestin Mortgage, Vestin Group manages
two funds, Vestin Fund I, LLC, a $100 million mortgage fund and Vestin Fund II, LLC, a $500 million mortgage fund.
Certain statements contained herein are forward-looking statements that have been made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results in the future periods or plans for future periods
to differ materially from those described herein as anticipated, believed or estimated.
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Contact:
Vestin Group, Inc.
Lance Bradford, 702/227-0965
or
Investor Relations:
Makovsky & Co., Inc.
Gene Marbach / Ting Mei Chong, 212/508-9600
or
Public Relations:
The Wells Group, Inc.
Jim Estrada, 800-391-8882