KAHULUI, Hawaii–(BUSINESS WIRE)–Maui Acreage & Pineapple Company, Inc. (NYSE:MLP) today appear that it has entered into a absolute acceding for the auction of The Acreage Advance to TY Administration Corporation, a Hawai‘i corporation, for $50 million. Beneath agreement of the sale, which is accepted to aing afore the end of March, Kapalua Acreage Golf LLC, a accessory of MLP, will access into a renewable two-year charter to accomplish The Acreage Advance on account of the new owner. The aggregation will use gain from the auction to abate debt.
“In this transaction, we will accept banknote for the auction of the acreage and improvements, and will abide to accomplish The Acreage Advance beneath the Kapalua cast with our golf administration team,” declared Robert Webber, admiral and CEO of Maui Acreage & Pineapple Company, Inc. “We apprehend our golf team, led by Gary Planos, to abide to accomplish The Acreage Advance in a address that has led to Kapalua Resort’s all-embracing acceptance as the cardinal one golf resort in Hawai‘i and host armpit for the celebrated PGA TOUR division aperture event, the Mercedes Benz Championship. We would not accept entered into this transaction if the new buyer did not allotment our charge to accommodate the accomplished affection golf acquaintance and to assignment carefully with us to advance a seamless and chip resort acquaintance for our guests and residents.”
“We attending advanced to continuing the acquaintance at The Acreage Advance of affable guests from all over the apple to adore the different playability and adorableness of what has become Hawai‘i’s best accepted course,” said Gary Planos, Senior Vice President/Resort Operations and Tournament Chairman of the Mercedes-Benz Championship. “We accept the Kapalua Resort will abide to beat expectations with our account standards and all-embracing golf experience.”
The 7,411-yard Acreage Course, advised by Bill Coore and Ben Crenshaw, plays beyond accustomed across-the-board vistas and aeon old pineapple acreage fields. Opened in 1991, The Acreage Advance afresh emerged from a above renovation, including the re-grassing of all 18 greens to Ultradwarf TifEagle grass, re-contouring of abounding of the greens, renovations of all bunkers, the accession of several new tees, and barrow aisle modifications. At the aforementioned time, the adviser and The Acreage House Restaurant were renovated.
Maui Acreage & Pineapple Company, Inc. is a Hawai‘i association and almsman to a business organized in 1909. Its arch operating subsidiaries are Maui Pineapple Aggregation Ltd., a ambassador and banker of Maui Gold® pineapple, and Kapalua Acreage Aggregation Ltd., abettor of Kapalua Resort, a master-planned resort association in West Maui.
Advanced Looking Statements: Assertive statements fabricated in this columnist absolution are advanced statements that reflect management’s accepted angle and are based aloft accepted assumptions. These statements include, amid others, statements apropos timing of the closing of the sale-leaseback transaction and our adeptness to abide to accommodate a assertive akin of account and affection at the Acreage Course. Absolute after-effects could alter materially from those projected in the advanced statements as a aftereffect of the afterward risks and uncertainties: assurance aloft third parties and the absolute or abeyant abridgement of ascendancy over third affair relationships, achievement of altitude to closing the sale-leaseback transaction, our adeptness to abide to charter and accomplish The Acreage Advance and such added risks and uncertainties as discussed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for budgetary year 2007 and its Quarterly Reports on Form 10-Q for the abode concluded March 31, 2008, June 30, 2008 and September 30, 2008. The Aggregation undertakes no obligation to amend the advanced statements independent herein or to reflect contest or affairs occurring afterwards the date hereof.
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