In a statement provided to Fox Business, Lofthouse doubled down on his previous apology and said he severed his business ties in order to prevent further harm to those closest to him.
“It is with regret that my initial statement and apology did not go far enough in addressing my behavior in Carmel last weekend and the steps that I need to take. I can confirm that I have stepped down from Solid8, terminating all business relationships with immediate effect," he said.
"I will make it my duty to ensure my personal actions do not continue to have a detrimental impact on those people closest to me. I have once again begun my journey back to sobriety and have enrolled in an anti-racist program with immediate effect. My comments towards the families involved were racist, hurtful and deeply inappropriate. The reactions to what was said have been deserved and I wholeheartedly acknowledge that I am complicit in a system that enables this behavior and these broken beliefs to exist but I am dedicated to changing."
Earlier this week, Jordan Liz Chan posted a video of the encounter, which took place at Lucia Bar & Restaurant inside the Bernardus Lodge & Spa in Carmel Valley, Calif.
Chan said that she and her family were celebrating her aunt's birthday when Lofthouse peppered them with derogatory comments. "Trump's gonna f--- you!" the former tech CEO said. "You f---ers need to leave... f---ing Asian piece of s---."
WARNING: VIDEO CONTAINS PROFANITY
A restaurant employee later demanded that Lofthouse leave. "Get out, you are not allowed here. You do not talk to our guests like that. They are valued guests. Get out!" the employee said. Raymond Orosa, whose wife Mari was celebrating her birthday, was present, along with Chan.
Lofthouse, who initially called his behavior "appalling," reiterated his apology in Saturday's statement.
"To the Chan and Orosa families, Gennica Cochran and the restaurant Bernardus please accept my heartfelt and sincere apologies, I hope that the conversations and awareness that this incident has created can act as a catalyst for necessary change," he said.
"It is my commitment to you to overcome my issues and be part of the solution for an equal and compassionate future.”
Orosa reportedly forgave Lofthouse but panned his initial apology, saying: "He's just saving face."
"He was full of hate and anger. It's sad that there are still people that are like that in this world, let alone in this country," he said, according to KGO. “I can't say what he did was acceptable or right. It isn't. A lot of people will probably disagree with me for saying I forgive him, but I do."
Fox Business' Daniella Genovese and Fox News' Danielle Wallace contributed to this report.