Google Local status updates are a new feature that will allow businesses to promote upcoming events, news, or promotions right on their Google Place Page. Google Local status updates are limited to 160 characters in length and will be visible for 30 days on the Place Page. In order to access the status update you will need to have verified your business through the Google Local Business Center. Not sure if your business Place Page has been verified? If the business listing has not been verified you will see a "Edit this place - Business Owner?" link in the upper right corner. Otherwise you should see a green check mark with "Owner-verified listing" if the business listing has been verified.
Once the business listing has been verified you will need to log in to the Google Local Business Center. Once logged in you should see a "View report" link. If you recently verified your business listing it may take up to 30 days before you will see a "View report" link in your dashboard. Within the reporting dashboard you will now see in the upper right corner a status update form. Once a status has been entered the Google Place Page will display the update status under the contact information.
On a side note, I searched for the particular status update and it was not being indexing within Google search results.