HONOLULU, August 13, 1996 -- Hawaiian Airlines, Inc. (ASE and PSE: HA) today announced that, in connection with its rights offering and investor offering, the company has entered into stock purchase agreements with certain investors which will generate a minimum of $25 million in gross proceeds to the company from the sale of newly issued shares of common stock.

On August 1, 1996, the company announced that the Securities and Exchange Commission had declared effective the company's registration statement for 12.1 million shares of common stock to be made available in the company's rights and investor offerings. On August 13, 1996, the company began mailing offering materials, including a prospectus and subscription forms, to shareholders of record as of August 7, 1996 except the company's largest shareholder, Airline Investors Partnership, L.P. (AIP). Shareholders of record as of August 7, 1996 (other than AIP) are receiving one right for each share of common stock then held, permitting them to acquire one share of newly issued common stock at $3.25 during the subscription period, which is scheduled to end on September 12, 1996.

Under terms of the investor offering, a group of investors have agreed, subject to certain conditions, to severally purchase an aggregate of 2,225,000 shares of Hawaiian Airlines, Inc. common stock at the subscription price of $3.25 per share, plus an additional number of shares necessary to cause the company's minimum gross proceeds from the rights and investor offerings to reach $25 million. Total proceeds from the offerings will depend upon the number of rights exercised by employees and shareholders and the number of additional shares left over from the rights offering that may be acquired by investors.

Hawaiian Airlines provides scheduled and charter air transportation of passengers, cargo and mail among the islands of Hawaii and between Hawaii and five West Coast gateway cities and two destinations in the South Pacific.