Categorized | Business

Barnwell sells off Hualalai Resort interest

MEDIA RELEASE

Barnwell Industries, Inc. has announced it received $2,640,000, net of minority interest, for the sale of its interest in Hualalai Resort.

Morton H. Kinzler, Chairman and Chief Executive Officer of
Barnwell, said, “Kaupulehu Investors, LLC, a subsidiary of the company, recently entered into agreements pursuant to which the company will receive $2,720,000 for the sale of our interest in Hualalai Resort to an independent third party. We have received all of the consideration except $80,000, which is subject to a holdback for PUC approval of the sale of a utility.”

The company will recognize a gain on this transaction in the company’s quarter ending Sept. 30.

The company still has continuing long-term interests in lands adjacent to Hualalai Resort.

— Find out more:
www.brninc.com
www.hualalairesort.com

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