Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced the successful completion of its previously announced rights offering, which expired at 5:00 p.m., New York City time, on July 29, 2010. The Company sold an aggregate of 10,389,610 shares of its common stock to existing stockholders through the exercise of rights at a subscription price of $3.85 per share. Because the offering was oversubscribed, the Company is required to allocate the shares of common stock available for sale pursuant to over-subscription requests on a pro rata basis in accordance with the terms of the offering.

As previously disclosed, the net proceeds of the $40 million offering will be used to repurchase all of the Company’s outstanding senior secured convertible notes pursuant to note purchase agreements entered into with the holders between June 22, 2010 and July 22, 2010. The Company will use the remaining proceeds of the offering for general corporate purposes, including working capital and short-term capital requirements.

About Maui Land & Pineapple Company, Inc.

Maui Land & Pineapple Company, Inc., organized in 1909, is a landholding, real estate development and asset management company headquartered in Maui, Hawaii. The Company owns approximately 24,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre master-planned, destination resort community.

Forward-Looking Statements

Some of the statements contained in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and expectations and are not guarantees of performance or results. Forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. Our actual performance and results may differ significantly from those we discuss in these forward-looking statements. For specific factors, risks and uncertainties that could cause our actual performance and results to differ materially from the assumptions and projections contained in these forward-looking statements, please read our Registration Statement on Form S-1, filed with the Securities and Exchange Commission, or the SEC, on June 22, 2010, and our other filings with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law or the rules of the New York Stock Exchange, we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement.

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