Hawaiian Natural Water
delisted from Nasdaq

By Russ Lynch
Star-Bulletin

Hawaiian Natural Water Co.said today it has been delisted from the Nasdaq SmallCap Market because its share price failed to get above the $1 minimum bid price required by Nasdaq.

The company had said last week that it believed it could avoid delisting because it had arranged for an injection of new capital. Aside from the capital boost, however, a Nasdaq qualifications panel also required a higher stock price, the company said.

Shares of Honolulu-based Hawaiian Natural started out at $5 when the company went public in May 1997 but have been at or below $1 almost every day since late July of this year. It closed today at $1. Since the delisting went into effect at the close of business Tuesday, the shares have been trading on the over-the-counter bulletin board. The firm said it has 15 days to request a review of the delisting decision but has not decided whether to take that action. Applying for a review would not in itself restore the listing, the company said.

Meanwhile Hawaiian Natural, which bottles and sells fresh drinking water from the Big Island, has been moving to shore up its capital. The company said today it has arranged for an additional $450,000 in private equity financing, on top of the $850,000 it announced last week.