Alico
to Include JD Alexander on Board of Directors Slate
LaBelle,
FL, August 23, 2007 -- Alico, Inc. (NASDAQ:ALCO), a land management
company, announced that it has considered a request from Atlantic
Blue Group, Inc. (Atlanticblue), which owns 50.6% of the Company’s outstanding
voting shares, that JD Alexander be included as one of Alico’s nominees for its
Board of Directors at the next Annual Meeting of Shareholders. Atlanticblue
did
not request that the size of the Company’s Board of Directors or the number of
Atlanticblue-related directors be increased. The Company noted that
JD Alexander has previously served on the Company’s Board, was a Vice President
of the Company and the manager of its citrus division for 10 years. He then
became a Florida State Representative and later a Florida State Senator and
has
extensive business, agricultural and governmental experience. JD
Alexander is the current Chairman and Chief Executive Officer of Atlanticblue
and is the son of John R. Alexander, the Chairman and Chief Executive Officer
of
Alico. After reviewing the request and evaluating the credentials of
JD Alexander, the Nominating and Governance Committee of the Board of Directors
determined that the request is reasonable and appropriate and voted to recommend
to the Company’s Board that it include JD Alexander on the Company’s slate of
nominated directors in the proxy materials for the 2007 Annual Meeting of
Shareholders, which will be held January 18, 2008. Other nominee
recommendations will be decided in accordance with the Nominating Committee’s
procedures prior to the mailing of the Company’s proxy materials for the
meeting.
About
Alico, Inc.
Alico,
Inc., a land management company operating in Central and Southwest Florida,
owns
approximately 137,000 acres of land located in Collier, Glades, Hendry, Lee
and
Polk counties. Alico is involved in various agricultural and non-agricultural
operations. Alico's mission is to grow its earnings and asset values through
its
agricultural and real estate activities to produce superior long term returns
for its shareholders.
For
Further Information Contact:
John
R.
Alexander
La
Belle,
Florida
(863)
675-2966
Statements
in this press release that are not statements of historical or current fact
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
include statements and involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of the Company to be
materially different from the historical results or from any future results
expressed or implied by such forward-looking statements. The forward-looking
statements contained herein are also subject generally to other risks and
uncertainties that are described from time to time in the Company's reports
and
registration statements filed with the Securities and Exchange
Commission.