Barnwell Industries, Inc. Increases Ownership Interest in Kaupulehu Developments.Business Editors HONOLULU--(BUSINESS WIRE)--April 16, 2001 Barnwell Industries, Inc., (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BRN BRN Brunei (ISO Country code) BRN Brown BRN Berne, Switzerland - Belp (Airport Code) BRN Board of Registered Nursing BRN Bulk Richardson Number (meteorology) ), announced today that through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. it had increased its ownership interest from 50.1% to 77.6% in Kaupulehu Developments, a Hawaii partnership investing in land at Kaupulehu, North Kona, Hawaii. This acquisition is being funded completely from the Company's cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . Morton Morton, village (1990 pop. 13,799), Tazewell co., central Ill., in a grain-farming and livestock area; inc. 1877. Food is canned, and tractor parts, washing machines, and pottery are manufactured. H. Kinzler, Chairman and Chief Executive Officer of Barnwell, commented, "This acquisition of a significant portion of the minority interest in Kaupulehu Developments reflects our continued optimism regarding the Hawaii real estate market and positions the Company's land investment segment well for the future. The Company has now been involved in Hawaii real estate development for over 17 years. We consider this ability to acquire a portion of the minority interest in Kaupulehu Developments a significant opportunity for the Company, which complements our oil and gas and contract drilling segments." Except for historical information contained herein, the statements made in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including those risks detailed in the Company's Annual Report on Form 10-KSB for the fiscal year ended September 30, 2000 filed with the Securities and Exchange Commission. |
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