LAS VEGAS, Nov. 11, 2004 (PRIMEZONE) -- Vestin Group Inc. (Nasdaq:VSTN) today announced that Vestin Mortgage has completed its annual valuation of the assets of Vestin Fund III, LLC as required by the Fund's Operating Agreement. Based upon such valuation, the value of members' capital accounts has been increased to $10.30 per unit from $10.00 per unit. The valuation of the capital accounts is determined on a tax accounting basis and will differ from the approximate unit value of $10.04 per unit as calculated under GAAP and as reflected in the Fund's September 30, 2004 financials. Until the next valuation, Vestin Fund III units will be sold at $10.30 per unit.
Vestin Fund III blends income producing commercial real estate acquisitions and commercial lending with short and medium term real estate loans.
About Vestin Group
Vestin Group, Inc., through its subsidiaries, is engaged in asset management, real estate lending, and other financial services. Its subsidiary, Vestin Mortgage, has facilitated more than $1.5 billion in lending transactions since 1995. Through Vestin Mortgage, Vestin Group manages three funds, Vestin Fund I, LLC, Vestin Fund II, LLC, and Vestin Fund III, LLC. These Funds have in the aggregate approximately $500 million in total assets.
Certain statements contained herein are forward-looking statements that have been made pursuant to the safe harbor provisions of the Private Securities Litigation 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.