HONOLULU: Hawaiian Natural Water Company, Inc. Holders Declare Default Under Aloha Note
Hawaiian Natural Water Company, Inc. (OTC Bulletin Board: HNWCC; Berlin: HWN) announced today that the holders of the promissory note issued in connection with the acquisition of Aloha Water Company in March 2000 have declared a default for failure by the Company to make current interest payments. The note is secured by all of the stock of Aloha and the holders have taken action to foreclose on the collateral. The Company is conferring with legal counsel regarding its options.Aloha is a home and office delivery business with operations in the greater Honolulu area.Hawaiian Natural Water Company has filed a notification of late filing with respect to its form 10-QSB for the quarter ended June 30th, 2000, as a result of these developments and will file this report within five days.Hawaiian Natural Water Company bottles, markets and distributes bottled water under the brand name Hawaiian Springs in the U.S. and certain mainland and international markets. The Company operates primarily in the fastest growing segment of the bottled water industry, the retail premium (2 liters or less) PET market. Also, it markets purified water for home and office delivery in Hawaii under the brand names Ali'i and Aloha. Hawaiian Natural Water Company complies with U.S. Food and Drug Administration water labeling requirements for "bottled at the source." Its newest line of products, East Meets West XEN, are premium nutraceutical juice cocktails.(The statements in this news release that are not historical facts or statements of current status are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. Actual results may differ widely.)
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