WOODLAND HILLS, CA–(Marketwire – March 15, 2010) – Great American Group, Inc. (OTCBB: GAMR), a leading provider of asset disposition, valuation and appraisal services, announced they have been contracted to auction excess assets no longer required for the ongoing needs of Maui Pineapple Company.
The auction will take place on Tuesday, March 23rd, starting at 10:00 a.m. HT (Hawaii Time). Live simultaneous bidding will occur onsite and online. The sale will offer assets and equipment from three separate facilities and will include Processing & Cannery Equipment, Construction/Agriculture/Harvesting Machinery, Power Plant Generators, Trucks & Trailers, Facility Equipment, Machine Shop, Distribution and Warehouse Equipment, and much more! For detailed descriptions of all items available visit www.greatamerican.com or call 1-800-45GREAT.
Public Auction: Pineapple Plant of excess equipment no longer needed for current operations
Auction Date: Tuesday, March 23 at 10am – at Maui Beach Hotel in Kahului Maui
Previews/inspection on Monday, March 22, 9am – 4pm (at 3 locations or by appointment)
– 120 Kane Street, Kahului, 870 Haliimaile Rd. Makawao, 4900 L. Honoapiilani Hwy, Honolua Baseyard
Items for auction: Pineapple Processing & Cannery, Agriculture Equipment, Power Plant Generators, Trucks & Trailers, Facility Equipment, Machine Shop, Lab & R&D Equipment, Distribution Warehouse.
Auction information at www.greatamerican.com or 818-884-3747 ext. 1330
Invasive-weed infestations within Maui County are literally a growing problem. Despite the tough economic recession, invasive species prevention and mitigation programs remain a necessity for conserving our natural and agricultural resources. We need to look back only a few months ago to remember the show of local support for our Hawaii Department of Agriculture inspectors. While some positions were retained, Maui still must deal with the losses of important HDOA positions. Despite these setbacks, our local ranchers and natural area managers remain steadfast to continue the fight against these detrimental weed infestations, simply out of necessity.
By HARRY EAGAR, Staff Writer
Pierre Omidyar, who invested in Maui Land & Pineapple Co. stock when the company was being pushed in a greener direction, is now supporting a for-profit/charitable combination that is taking over ML&P’s Kapalua Farms, one of the largest organic farms in the state.
Since ML&P also closed its Maui Pineapple Co. subsidiary, then leased much of its land and equipment to the upstart Haliimaile Pineapple Co. this month, the handover takes ML&P completely out of agriculture.
On Friday, Ulupono Sustainable Agriculture Development LLC, a subsidiary of the Ulupono Initiative, announced it would be assuming operations of Kapalua Farms, which not only supplies vegetables and eggs to ML&P’s Kapalua Resort but also conducts research into new methods of producing food on Maui. Ulupono Initiative is a Hawaii-focused social investment organization founded in June with backing from Omidyar and his wife, Pam. He was a founder of eBay, and they now live in Hawaii.
Warren Haruki, chairman and interim chief executive officer of ML&P, said, "We are pleased to partner with Ulupono Sustainable Agriculture Development as they assume operations of Kapalua Farms. Our desire was to find an operational partner that would be able to continue organic farming operations and to maintain Kapalua Farms as a community resource, employer and provider."
By Rick Daysog
Advertiser Staff Writer
A group that plans to restore pineapple growing on Maui will pay $420,000 a year to lease agricultural lands held by Maui Land & Pineapple Co.
Haliimaile Pineapple Co. also will pay $680,000 to purchase ML&P’s farm equipment, supplies and customer lists, according to a filing with the Securities and Exchange Commission.
ML&P announced in November that it was shutting down pineapple operations after nearly 100 years of plantation-scale farming on the Valley Isle. The company harvested its final crop last month and laid off 206 workers.
But Haliimaile — whose principals include former ML&P executives Doug MacCluer and Ed Chenchin and Ulupalakua Ranch owner Pardee Erdman — said last week they plan restore pineapple farming on 950 acres of ML&P’s 3,000-acre pineapple operations .
The new company said it also will take over ML&P’s Maui Gold brand and will hire back 66 displaced pineapple workers.
A pineapple startup bought equipment from the shuttered Valley Isle operation for $680,000
Haliimaile Pineapple Co., the startup that is resurrecting the pineapple industry on Maui, purchased Maui Pineapple Co.’s operating equipment, materials, supplies and customer lists for a discounted price of $680,000, and also agreed to other financial terms to keep the agricultural business alive on the Valley Isle.
Financially ailing Maui Land & Pineapple Co., which sold its pineapple operations to Haliimaile Pineapple last month as part of a broad-based restructuring, said in a regulatory filing yesterday that the net book value (assets minus liabilities) of the equipment and other items—which are due to be paid by Haliimaile Pineapple over five years—was about $3 million.