A source at Maui Land & Pineapple could not be reached for further comment on Tuesday on who the prospective buyer is, whether the agreement has been signed and for what price the asset would be sold. The company's Acting President and CEO Don Young said in a written statement that, subject to typical due diligence, the sale will close by the end of July 2003.

Young, most recently the company's executive vice president of resort and commercial property and president and CEO of Kapalua Land Co. Ltd., was assigned to the post following the May 27 retirement of Gary Gifford. Spencer Stuart, a prominent national executive search firm, is conducting a search for Gary L. Gifford's replacement. The selected executive is expected to be in place by mid-summer 2003.

In early May, Maui Land & Pineapple Company reported a first quarter net loss of $626,000 or $.09 per share compared to net income of $776,000 or $.11 per share for the first quarter of 2002. The company's share price on Tuesday stood at $18.54 in early afternoon trading, unchanged on the day but off $3 from April 15, 2003, when share traded at a 52-week high of $21.52.