LAS VEGAS, June 30, 2003 (PRIMEZONE) -- Mego Financial Corp., doing business as Leisure Industries Corporation of America (Nasdaq:LESRE), today announced that a Nasdaq Listing Qualifications Panel determined to delist the Company's securities from The Nasdaq National Market effective with the open of business on Tuesday, July 1, 2003. As part of its decision, the Panel notified the Company that its shares of common stock will be not be immediately eligible for quotation on the OTC Bulletin Board. However, according to Nasdaq, Leisure Industries shares may become eligible if a market maker makes application to register in and quote the security in accordance with SEC Rule 15c2-11, and such application (Form 211) is cleared. Only a market maker, not the company, may file a Form 211.
About Leisure Industries
Leisure Industries is a full-service, vertically integrated vacation solutions provider specializing in travel and tourism packages, the development and operation of vacation ownership resorts, marketing land for use as vacation home sites, and providing consumer financing to purchasers of vacation ownership interests and land parcels through its wholly owned subsidiary, Leisure Homes Corporation. Leisure Industries is headquartered in Las Vegas, Nevada, and has properties in Arizona, California, Nevada, New Jersey, Colorado, Florida and Hawaii. For more information on the Leisure Industries family of companies, visit www.leisureindustries.com.
Safe Harbor
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors, which may cause actual results, performance or achievements of Leisure Industries (Mego Financial) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference, include, but are not limited to, those discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations in Mego Financial's Annual Report on Form 10-KT for the year ended December 31, 2001, and in the Form 10-Q for the quarter ended September 30, 2002, and subsequent documents filed by Mego Financial Corp. with the Securities and Exchange Commission.