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Hawaiian Natural Water
purchases Aloha Water

Star-Bulletin staff

Hawaiian Natural Water Co. said today it has acquired Aloha Water Co., which distributes bottled purified water to homes and offices on Oahu.

The purchase price was 750,000 shares of Hawaiian Natural common stock and a $500,000 promissory note, to be paid in monthly installments and due to be paid in full by April 1, 2001.

Hawaiian Natural, traded on the over-the-counter bulletin board, closed at $1.06 today, making the stock part of the purchase price worth about $800,000 at today's price. Aloha Water will operate under its own name as a subsidiary of Hawaiian Natural. Daniel Gabriel, a founder and principal owner of Aloha Water, will stay on as president of the unit.

No information was available immediately on Aloha Water's revenues or number of employees. The company takes water from the public Honolulu supply, filters and purifies it and sells it in large containers.

Hawaiian Natural bottles and sells natural Big Island spring water.