Press Release: Vestin Group, Inc.
June 12, 2002
LAS VEGAS, NV --Vestin Group (Nasdaq: VSTN) announced yesterday that its subsidiary, Vestin Mortgage, originated
$118 million in loans during the month of May. The total sets a new monthly record for the company, surpassing
the previous high of $75 million in 2001.
"This new monthly record is the result of a number of factors," said Chairman and CEO, Mike Shustek.
"First, we have clearly benefited from the awareness generated by our marketing campaign, which features football
legend Joe Namath. Second, we have expanded our geographic scope beyond our original southwestern markets. Finally,
the success of our SEC registered funds, particularly our newest fund, Vestin Fund II, which has raised more than
$217 million since its debut last June, has positioned our Vestin Mortgage subsidiary to become a leader in the
short-term commercial mortgage business."
The company also announced that it would distribute to its shareholders one third of its earnings generated in
the first quarter in the form of a cash dividend. Shareholders of record, as of June 20, 2002, will be paid $0.02
per share on July 15, 2002.
Shustek said, "We are pleased with another successful quarter, which enables us to distribute this dividend
in accordance with a policy adopted by the Board of Directors in September 2001. We look forward to continued growth
and additional opportunities to enhance shareholder value."
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 $1.1
Billion in the last five years in 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:
Makovsky & Co., Inc., New York
Ting Mei Chong, 212/508-9609
Investor Relations