Maui Land & Pineapple to Sell 244 Acre Parcel to State of Hawaii for $19.8M

On September 30, 2014, Maui Land & Pineapple Company, Inc. (NYSE: MLP) entered into a Purchase and Sale Agreement and Joint Escrow Instructions (the “Purchase and Sale Agreement”) with the State of Hawaii with respect to the sale of an unimproved 244 acre parcel of the Company's land located on Maui, Hawaii, commonly referred to as Lipoa Point. The Purchase and Sale Agreement provides for a purchase price of $19.8 million with the proceeds designated for the benefit of the Company's pension plans. The sale is conditioned on the Pension Benefit Guaranty Corporation providing a release of its mortgage on the property. The Purchase and Sale Agreement has a closing date on or before October 9, 2014.