Tag: Maui Land & Pineapple Co

January 29, 2010 General Ag News and Notes Post a Comment

Double Digit Gainers Beating The Dow: MLP, OTIV – sourced PicksThatMove.com

Maui Land & Pineapple Co., On Track Innovations Ltd.

Calgary, AB 1/28/2010 09:28 PM GMT (TransWorldNews)

PicksThatMove.com opines promising trading opportunities with likely potential for gain. The companies we follow have favourable revenue models for business development at upward cycles.  Please visit us at PicksThatMove.com to view more of our profiled stocks.

Double Digit Gainers Beating The Dow: MLP, OTIV

The hot stock information of the day includes: MLP, OTIV

Maui Land & Pineapple Co. (NYSE:MLP) gained 11.60% to close at $2.79 on no news. Based in Maui, Hawaii, Maui Land & Pineapple Company, Inc., together with its subsidiaries, engages in agriculture, resort, and real estate development in the US. The company operates through three segments: Agriculture, Resort, and Community Development. The Agriculture segment grows and packs, and markets pineapples under the Maui Gold and Hawaiian Gold brands. The Resort segment operates Kapalua Resort’s golf courses, a tennis facility, retail shops, and a vacation rental program, as well as provides certain services to the resort. It also engages in the mountain outpost and a guided zip-line business. The Community Development is a real estate development company.

Continue reading
January 16, 2010 General Ag News and Notes Post a Comment

NYSE: ML&P isn’t meeting listing levels – The Maui News

maui-news-ad

NYSE: ML&P isn’t meeting listing levels

Company has 45 days to offer a way to meet exchange standards

WAILUKU – The New York Stock Exchange has warned Maui Land & Pineapple Co. that it is no longer meeting listing standards.

ML&P announced on Friday that it had received the warning.

The company’s average market capitalization was less than $50 million over a 30-day trading period, and its most recently reported shareholders’ equity was less than $50 million, putting it out of compliance with the stock exchange’s requirements.

Under the NYSE’s procedures, ML&P has 45 days to submit a plan to demonstrate its ability to come back into compliance with the stock exchange’s listing standards within the next 18 months. In the meantime, the company’s common stock will continue to be listed.

In a report filed last month with the Securities and Exchange Commission, ML&P disclosed that auditors updating its annual report in advance of a new stock offering had "substantial doubt" about the company’s ability to stay in business.

The report cited the company’s deep financial losses, weak cash reserves, inability to meet certain financial obligations and a $60 million deficit in shareholder equity as reasons for the auditors’ concerns.

ML&P is hoping to raise up to $25 million in the form of new investment from existing shareholders, an offering that is now pending approval from the SEC.

NYSE: ML&P isn’t meeting listing levels – Mauinews.com | News, Sports, Jobs, Visitor’s Information – The Maui News

January 10, 2010 General Ag News and Notes Post a Comment

Details of pineapple deal are released – The Maui News

maui-news-ad

WAILUKU – Maui Land & Pineapple Co. sold its pineapple operation to the new Haliimaile Pineapple Co. for less than a third of its value, according to a report by ML&P.

In the filing dated Dec. 31, ML&P disclosed that it sold Haliimaile Pine its equipment, materials, supplies and customer lists valued at about $3 million for a price tag of $680,000, to be paid over five years.

The agreement, signed New Year’s Eve between the two companies, also granted Haliimaile Pine the exclusive rights to use Maui Pineapple Co. logos and trade names for a license fee based on sales volumes that would be around $20,000 to $30,000 each year.

Continue reading
January 9, 2010 Agricultural Equipment, Agriculture Grants, General Ag News and Notes Post a Comment

Pine land to cost $420K a year | The Honolulu Advertiser

honadv

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.

Continue reading
January 8, 2010 General Ag News and Notes Post a Comment

Maui Pine assets sold for quarter of worth – Pacific Business News

The group that bought the assets of Maui Pineapple Co. paid a fraction of what the company’s equipment, materials, supplies and customer lists were worth, according to a filing with federal regulators.

The partners of Haliimaile Pineapple Co. acquired the equipment and other items for $680,000, to be paid over five years. The assets had a book value of $3 million, according Maui Land and Pineapple Co.’s filing this week with the U.S. Securities Exchange Commission

Haliimaile Pineapple will also pay ML&P (NYSE: MLP) between $20,000 and $30,000 a year to use the Maui Pineapple trade marks, trade names such as Maui Gold, and logos, and will lease 950 acres and 59,000 square feet of office and warehouse space at market rents, which is about $420,000 per year, for 20 years. The new company hired 66 workers of the 206 workers who were terminated by Maui Pine on Dec. 31, which will decrease ML&P’s severance costs, the company said in the filing.

Continue reading
January 8, 2010 Agricultural Equipment, General Ag News and Notes Post a Comment

Maui Pine was at a discount – Hawaii Business – Starbulletin

star

A pineapple startup bought equipment from the shuttered Valley Isle operation for $680,000

By Dave Segal

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.

Continue reading
January 7, 2010 General Ag News and Notes Post a Comment

Maui Pineapple erntet letzten Ertrag – Frucht Portal

Maui Pineapple erntet letzten Ertrag

Geschlagen durch ausländischen Wettbewerb und eine stockende Wirtschaft, beendet der letzte große Ananaserzeuger auf Hawaii, Maui Land & Pineapple Co. Inc., seine letzte Ernte nach 97 Jahren in dem Landwirtschaftsgeschäft. Der letzte Ertrag wurde am 23. Dezember auf den Feldern bei Haliimaile geerntet, was das Ende einer Ära markiert, in der einst Ananas ein großer Arbeitgeber in dem Staat war. Maui Pineapple pflanzte seine ersten Früchte 1912 auf West-Maui.

Continue reading
January 7, 2010 General Ag News and Notes Post a Comment

Maui Pineapple Co. executives start new company | The Packer

Five former Maui Pineapple Co. executives are working with Pardee Erdman of Ulupalakua Ranch to take over pineapple operations from Maui Land & Pineapple Co. Inc.

The new company, Haliimaile Pineapple Co. Ltd., plans continue to grow and market fresh pineapple under the established Maui Gold Brand. The company purchased and licensed key assets, and leased farm land, equipment, and buildings from ML&P with plans to serve the Hawai’i market, according to a news release. The company officially opened Jan. 1.

Key shareholders and directors in the new company include Pardee Erdman, owner of Ulupalakua Ranch; Doug Schenk, former president of Maui Pineapple Co.; former vice presidents of MPC, Doug MacCluer and Ed Chenchin; and current operating directors for MPC, Darren Strand and Rudy Balala.

Haliimaile Pineapple Co. plans consolidate growing, fresh fruit packing facility, cold storage and shipping operations in Haliimaile. It sells fresh pineapple to local hotels, restaurants, and supermarkets and plans to increase  direct-to-consumer business.

Maui Pineapple Co. executives start new company | The Packer

January 6, 2010 General Ag News and Notes Post a Comment

USA – New lease for pineapple company

Haliimaile Pineapple Co. Ltd. on Saturday officially stepped into the void left when Maui Land & Pineapple Co. shut down its farming operations, with crews taking to the fields for the company’s first harvest.

After helping harvesters, drivers, mechanics and other workers clock in by hand Saturday morning, Haliimaile Pine partner Doug Schenk said the company was ready to work the land.

>But he implored Hawaii shoppers to do their part to help the new venture succeed – one sweet bite at a time.

"We need the consumer to go out and buy Maui Gold," Schenk said. "We need the community and the citizenry to go out and buy this product across the state. If people don’t see it in the stores they need to ask those stores to stock Maui Gold.

"We need to get our case volume up for this to work. These are wonderful people. I love ’em. This is all about jobs and preserving open space. That’s what it’s about, buy local. We should support our local farmers."

The financially struggling ML&P announced in November that it would shut down pineapple at the end of 2009. On New Year’s Eve, officials with Haliimaile Pine said they had reached an agreement with the century-old company to take over 1,000 acres of its fields and use its equipment to continue farming.

USA – New lease for pineapple company