Kahala Corp. Announces Voting Results From Its 2002 Annual Shareholder Meeting

Kahala Corp. (OTC BB: KAHA.OB) (the "Company") � today announced the voting results from its 2002 annual shareholders meeting held Tuesday, December 10, 2002 at the Company's corporate headquarters in Scottsdale, Arizona. The following four proposals before the Company's shareholders all passed by receiving over 95% of the votes present in person or by proxy at the annual meeting: (i) to approve an amendment to the Company's articles of incorporation to divide its Board of Directors into two classes; (ii) to elect six directors for the Company, five directors in one class and one director in the second class, to serve for the ensuing year; (iii) to approve and ratify the selection of Epstein, Weber & Conover, P.L.C. as the independent auditors for the Company for the 2002 fiscal year; and (iv) to approve an amendment to the Company's articles of incorporation to authorize 500,000 shares of an additional series of the Company's Preferred Stock.

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