ML Macadamia Orchards, L.P. Announces Second Quarter Distribution and Appoints New Director; Special Meeting of Unit Holders Not Held.HILO, Hawaii -- ML Macadamia macadamia (măk'ədā`mēə), name for the nut of the Macadamia ternifolia, an evergreen tree native to Australia, but cultivated in Hawaii. The nuts, also called Queensland nuts, are eaten roasted or raw. Orchards, L.P. (NYSE NYSE See: New York Stock Exchange :NUT) announced today that the partnership declared a quarterly cash distribution of five cents ($0.05) per Class A Unit at the June 2006 meeting of the Board of Directors of its general partner, ML Resources, Inc. (MLR MLR mixed lymphocyte reaction. MLR Myocardial laser revascularization, see there ). The distribution is equal to the previous rate, and will be paid on Tuesday, August 15, 2006 to the unit holders of record as of Friday, June 30, 2006. This distribution marks the 81st consecutive quarterly distribution, dating back to the inception of the Partnership in 1986. In other company news, James H. Case, Esq. retired as a director of ML Resources, Inc. Mr. Case was a founding director of the Partnership and served the company with distinction as both a director and legal counsel for 20 years. Russell "Rusty" Case, Esq. was appointed to the Board of Directors of ML Resources, Inc., effective June 12, 2006, to replace James Case. Rusty was born in 1957, and graduated from Williams College and Cornell Law School The Cornell Law School was formally opened in 1887, but was moved to its present-day location at Myron Taylor Hall in 1937. The law school building, an ornate, Gothic structure, was the result of a donation by Myron Charles Taylor, a former CEO of US Steel, and a member of the Cornell in 1981 and 1986, respectively. He has practiced law, specializing in international mergers, acquisitions, joint ventures and dispositions and currently serves as an attorney with the law firm of Carlsmith Ball, LLP LLP - Lower Layer Protocol . He resides in Honolulu, Hawaii. The Special Meeting of Unitholders of ML Macadamia Orchards, L.P., scheduled to be held on June 12, 2006, was not held due to an insufficient response level by the unitholders. The meeting has not been rescheduled. This press release contains forward-looking statements regarding future events and future performance of the Partnership that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These include statements, among others, regarding the Partnership's future nut price, which are based on certain assumptions and forecasts. The Partnership files documents with the Securities and Exchange Commission, such as Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , Form 10-Q Form 10-Q See 10-Q. and Form 8-K reports, which contain a description of these and other risks and uncertainties that could cause actual results to differ from current expectations and the forward-looking statements contained in this press release. ML Macadamia Orchards, L.P. is the world's largest grower of macadamia nuts, owning or leasing 4,189 acres of orchards on the island of Hawaii. |
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