The Brickell Avenue-based holding company, in the middle of Miami's financial district, comprises a mortgage banking/residential title insurance division that operates in 12 states, a hair-growth stimulation firm and a medical diagnosis software section.
The company's balance sheet is in shambles, Whitehall president/CEO Luis Alvarez tells shareholders in a prepared statement trying to explain the unprecedented loss.
The company "has identified three significant developments over the past six months which resulted in Whitehall reporting an approximate loss of just over $2 million," Alvarez says. "I want to assure our stockholders that these developments are isolated situations and not indicative of the company's actual operations."
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