St. John Holdings

St. Johns Holdings, Inc. is a real estate development and investment company. St. Johns and its affiliates have developed several hundred million dollars worth of projects, and have engaged in well over a billion dollars worth of brokerage activities. Primary affiliates include Dimension Development Company, Dimension Realty and Saratoga Capital. A new focus for St. Johns is the "fractional resort" business. To that end, it has formed Crown Fractional Interests to pursue this business opportunity. A development stage company, CFI has identified a number of prospective opportunities in the fractional resort ownership business. CFI is in negotiations with several prospective "brand name" partners to market and sell its developments. It is anticipated that the first projects will commence in 2003 in various resort venues in the United States and Mexico. Affiliates of the Company have also organized investment partnerships to invest in undervalued publicly traded companies. One notable transaction was the acquisition of a 22% interest in Aloha Airlines. In 1985, Aloha was identified as an undervalued company, and a stock acquisition program was commenced with initial purchase at $6.50 per share. Eventually 22% of the company was purchase at an average price in the $13.00 range. After rebuffing an offer from CNS Partners (a St. Johns affiliate), management took the company private for $28.50 per share. This was the 2nd largest percentage gain on the American Stock Exchange in 1987. St. Johns affiliates have initiated a number of other partnerships that have accumulated stock in public companies and have been very pro-active in attempting to influence management of those companies to enhance shareholder value. Additionally, the Company and its principals engage in "Angel" venture capital investing. Notable investments have been On Your Mark (a chain of athletic shoe stores sold to Footaction); Famous Ramos Hot Dogs (a 76 store chain of hot dog restaurants located in regional malls that was sold to Orange Julius); and, a major investment in Cline Brothers Exploration, an oil and gas concern;. Other investments include several de novo Bank and Savings and Loan charters; a variety of restaurant investments; and several retail store concepts. St. Johns is a member of the International Council of Shopping Centers and The Urban Land Institute. Michael Neary is the founder and CEO of the company. Mr. Neary has over twenty-five years of experience in commercial real estate and has been involved in a variety of other businesses including being a principal shareholder of Aloha Airlines and CEO of Dimension Development Company, a billion dollar asset real estate enterprise.