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Island Air announces preliminary sale agreement

Published On: Jan 10 2013 05:49:00 PM HST

Island Air

HONOLULU -

Hawaii Island Air announced Thursday that it has entered into an agreement that it believes will lead to a sale of the company to an undisclosed buyer.

"This is a great opportunity for the future of the company", said Les Murashige, Island Air's President.  "The company has gone through a number of challenges recently and a new owner will bring a fresh perspective to the company."

Murashige said there are a number of hurdles that must be cleared before the closing of the transaction.  He expressed optimism the hurdles would be cleared and the new ownership would be in place within the next six to eight weeks.

"There has been a lot of hard work and due diligence done over the holidays. We are prepared to move forward and have been meeting with the relevant groups who have a role in making this happen," said Murashige.

Island Air was founded in 1980 to provide air service between Princeville and Honolulu.  The airline now offers 331 weekly flights between the islands of Oahu, Maui, West Maui, Lanai, Kauai and the Big Island of Hawaii.

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