Maui Land & Pineapple Closes Lipoa Point Sale

Maui Land & Pineapple Company, Inc. (NYSE: MLP) is pleased to report that it has closed the sale of a 244-acre property to the State of Hawaii for $19.8 million. The property, commonly known as Lipoa Point, is located in West Maui bordering Honolua Bay. The sale resulted from a bill enacted by the State of Hawaii in June 2013 directing the State's Department of Land and Natural Resources (DLNR) to engage in the purchase of Lipoa Point, with the stipulation that the proceeds from the sale be designated for the benefit of MLP's pension plans. The property had been previously pledged to the Pension Benefit Guaranty Corporation (PBGC) as security for the Company's pension plans, which are underfunded by See full press release