Alico
Announces Acquisition of Citrus Marketing and Harvesting
Company
Premier
Fruit Harvesting And Marketing Company Allows Alico Diversity Of Operations
Within The Citrus Industry
La
Belle,
Florida, February 13, 2006 -- Alico, Inc. (NASDAQ:ALCO), one of the South’s
best-known agribusiness companies operating in Central and Southwest Florida,
announced the purchase of the assets of Bowen Brothers Fruit Company, Inc.,
a
citrus harvester and marketer, by its newly formed and wholly owned subsidiary
Bowen Brothers Fruit, LLC for $1.9 million.
John
R.
Alexander, Chairman and Chief Executive Officer of Alico said, “We are very
pleased to acquire the assets of Bowen Brothers Fruit Company, Inc., including
the use of the name “Bowen Brothers”. Bowen Brothers has earned the reputation
as one of the premier fruit marketing and harvesting companies in Florida.
This
acquisition should allow us to harvest our citrus crops in a timely manner
and
to expand this new capability. The purchase will assist Alico, through its
subsidiary Bowen Brothers Fruit, LLC, to further diversify its operations
through vertical integration within the citrus industry. I am also happy to
report that Mr. Jim Shuford, longtime President of Bowen Brothers, has signed
an
employment agreement with Bowen Brothers Fruit, LLC, and will serve as the
President of this new subsidiary. The assets purchased include a prime office
location at a key intersection in downtown Winter Haven Florida. The operations
of Bowen Brothers Fruit, LLC will continue to be headquartered at the Winter
Haven facility.”
Bowen
Brothers will continue to provide harvesting, marketing and risk mitigation
services for the citrus operations of Alico, Inc., its subsidiaries, and other
citrus growers statewide.
About
Alico
Alico,
Inc., an agribusiness company operating in Central and Southwest Florida, owns
approximately 136,000 acres of land located in Collier, Hendry, Lee and Polk
Counties. The company is involved in various operations and activities including
citrus fruit production, cattle ranching, sugarcane, sod production, and
forestry. The Company also leases land for farming, cattle grazing, recreation
and oil exploration, and is increasingly involved in exploring real estate
development in and beyond its holdings.
For
Further Information Contact: John
R.
Alexander
La
Belle, Florida
(863)
675-2966
Some
of the statements in this press release include statements about future
expectations. Statements that are not historical facts are "forward-looking
statements" for the purpose of the safe harbor provided by Section 21E of the
Exchange Act and Section 27A of the Securities Act. These forward-looking
statements, which include references to expectations about future prospects
are
predictive in nature or depend upon or refer to future events or conditions
which may not be achievable and, are subject to known, as well as, unknown
risks
and uncertainties that may cause actual results to differ materially from our
expectations. The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of future events, new
information or otherwise.