Barnwell Industries completes sale of Hawaii development interests for $1.77M gross

BARNWELL INDUSTRIES INC

Gross purchase price $1.77M; net proceeds to Barnwell approx. $1.54M.
Pre-closing distributions of approx. $0.14M bring total cash receipts to ~$1.7M.
Buyer David Johnston acquired interests in KKM Makai, LLLP and KD Kona 2013 LLLP; deal closes exit from Hawaii.
Company expects minimal winding-up costs for related partnerships and will pursue strategic investments and acquisitions.
Seller protections include limited reps/survival, 10% liability cap, and indemnity for potential Terry Johnston commission claim.

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