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The Honolulu Advertiser
Posted on: Thursday, May 20, 2004

Maui Land & Pine invests in ferry

By Dan Nakaso
Advertiser Staff Writer

Hawaii Superferry Inc. says its interisland ferries may resemble the twin-hulled catamaran Spirit of Ontario 1, which stopped in the Islands in March en route from a shipyard in Australia to its new home port in Rochester, N.Y.

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Hawaii Superferry Inc., which hopes to ferry people and cars between islands beginning in 2006, completed its first round of equity financing yesterday with a $1 million Series A convertible preferred stock investment from Maui Land & Pineapple Co. Inc.

Tim Dick, Hawaii Superferry's president and chairman, declined to say how much equity financing the company has raised so far. But he called yesterday's announcement by Maui Land & Pineapple "a substantial investment in the company, and we're delighted to have them as an investor."

Hawaii Superferry, which recently moved into the Pier 19 Ferry Terminal, hopes to raise a total of about $200 million through a combination of equity and debt, Dick said.

The two planned superferries are estimated to cost $75 million each.

David C. Cole, chairman, president and CEO of Maui Land & Pineapple, said in a statement yesterday: "We are compelled to support Hawaii Superferry at this crucial stage in the company's development. We believe (Hawaii Superferry) has the potential to dramatically enhance interisland commerce by providing fast, economical and fuel-efficient ferry service throughout the state."

Hawaii Superferry, Cole said, supports his company's "ambitions for diversified agriculture on Maui by linking our island's productive farmers with the growing statewide demand for fresh local foods."

Hawaii Superferry officials hope to provide daily nonstop service between Honolulu and Maui, Kaua'i and the Big Island at half the cost of airfare.

Reach Dan Nakaso at dnakaso@honoluluadvertiser.com or 525-8085.