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Maui Company Invests in New Interisland Ferry

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Maui Company Invests in New Interisland Ferry Honolulu Star-Bulletin Hawaii News Page 1 of 3 Thursday, May 20, 2004 — ADVERTISEMENTS — Maui company invests Ads by Google Bed & Breakfast in new interisland ferry Oahu HI Swinging in the hammock under The $1 million stake is aimed the plumeria tree in Waimanalo at boosting diversified crop sales www.nalowinds.com Oahu, hawaii By Dave Segal Vacations [email protected] Find Local Attractions, Great Hotel Deals, The Hawaii Superferry, which promises a new way of life for Reviews & More residents and visitors, moved several knots closer to reality Online Now! yesterday. www.tripadvisor.com Maui Land & Pineapple Co., which already has agriculture, land development and property management in its diverse portfolio, said Save on Oahu it has invested $1 million in the venture. Hotels Free Nights, 2-for-1 Luaus & More The investment, in the form of Series A convertible preferred stock, Save Up to 70% on completes the initial equity financing of $3.3 million that the ferry Waikiki Hotels company set out to raise, according to Hawaii Superferry Chief www.hawaiireservationse Executive John Garibaldi. Oahu Hawaii He said the other investors represent a cross section of individuals Hotel Deals from both the mainland and Hawaii. Point-Travel: Compare Rates From Leading David Cole, chairman, president and CEO of MLP, said the Sites. Find Low company's desire to diversify its agricultural operations prompted Prices! www.point- the investment. travel.com/oahu — "We think this is one of the most dramatic developments that has ADVERTISEMENTS — occurred here in Hawaii for a long time," Cole said. "The ferry has the potential to shrink the archipelago down to one island. Maui could become to Hawaii what the California Central Valley is to the rest of the country." http://starbulletin.com/2004/05/20/news/story3.html 5/20/2004 Honolulu Star-Bulletin Hawaii News Page 2 of 3 Cole said the island's water, great soil and different microclimates are well suited to diversified agriculture. "And if we get the right daily logistics at a relatively low cost, it's a way to bring the state much closer together in terms of the food supply," he added. Garibaldi said the ferry gives MLP an advantage over the two other modes of product transportation -- air and barge. "If you compare our pricing to air freight, we're significantly lower," he said. "Compared to barges we're slightly higher, but the products would travel in a matter of hours rather than days. The goal of Hawaii Superferry is to move passengers, vehicles and products in a very fast mode of travel." A family of five traveling by car to the neighbor islands from Oahu could use the ferry service for about half the cost of flying and renting a car, Garibaldi said. The first of two $75 million ferries, which each would hold 900 passengers and as many as 280 vehicles, is scheduled to be delivered in 2006. The second one is due about 16 months later. They are being built by Austal USA, an Alabama-based joint venture of Australian boat builder Austal Ltd. and U.S. shipbuilder Bender Shipbuilding & Repair Co. Cole said the ferry service will not only benefit Maui Land & Pineapple but help the entire island -- as well as the state -- because Maui already produces chicken, pork, lamb and beef on the protein side; fish for aquaculture; produce such as onions, bell peppers and tomatoes; and, of course, pineapple. "Our whole philosophy is that what's good for Maui is good for Maui Land & Pineapple," Cole said. "We are doing trials on a variety of different crops -- not as growers but as coordinators. Our whole strategy is to become a grower of growers and then to link that grower network to consumers." Cole was not ready to identify the trial crops, but said the work builds on the company's collaboration with Maui-based Pacific Biodiesel Inc. on fuel crops. Some of the byproducts from those fuel crops are vegetable oil, which burns and could be added to diesel; glycerin, which could be used for cosmetic products such as soap and other beauty aids; and meal, which is used as an additive to livestock feed. http://starbulletin.com/2004/05/20/news/story3.html 5/20/2004 Honolulu Star-Bulletin Hawaii News Page 3 of 3 E-MAIL THIS ARTICLE | | | PRINTER-FRIENDLY VERSION E-mail to City Desk BACK TO TOP Text Site Directory: [News] [Business] [Features] [Sports] [Editorial] [Do It Electric!] [Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor] [Feedback] © 2004 Honolulu Star-Bulletin -- http://starbulletin.com http://starbulletin.com/2004/05/20/news/story3.html 5/20/2004.
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