EXHIBIT 4.5 January 19, 1999 Rick Smyth Lahaina Acquisitions, Inc. 2900 Atlantic Avenue Fernandina Beach, FL 32034 Dear Rick: This letter agreement will confirm that the $25,000 Beachside Commons Note due May 3, 1999 will be converted from its present...

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                                   EXHIBIT 4.5


January 19, 1999


Xxxx Xxxxx
Lahaina Acquisitions, Inc.
0000 Xxxxxxxx Xxxxxx
Xxxxxxxxxx Xxxxx, XX 00000

Dear Xxxx:

This letter agreement will confirm that the $25,000 Beachside Commons Note due
May 3, 1999 will be converted from its present form to the $750,000 Convertible
Debenture dated December 14, 1998, with all rights, remedies and obligations
herein. The Conversion Shares and the 25,000 Shares issued under the Note will
be included in the Registrant's S-1 Registration Statement.




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GCA Strategic Investment Fund, Ltd.



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Xxxx Xxxxx
Lahaina Acquisitions, Inc.





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