Alico
Corrects Ethanol Press Release
LaBelle,
FL, June 3, 2008 --
Alico, Inc. (NASDAQ:ALCO), a land management company, announced yesterday that
it was discontinuing its ethanol pursuits. The release as issued
inadvertently omitted the sentence below:
“During the
past year, Alico has been working with New Planet Energy LLC on this project and
NPE is continuing its pursuit of cellulosic ethanol.”
A
corrected copy of the release in its entirety is as follows:
Alico
to Discontinue Ethanol Efforts
LaBelle,
FL, June 2, 2008 -- Alico, Inc. (NASDAQ:ALCO), a land management company,
announced today that it will no longer explore the development of an ethanol
facility. As previously announced, the Company had been selected by the
United States Department of Energy (DOE) and by the State of Florida to
potentially receive grants and loan assistance to assist in partially
offsetting the costs of such a project. However, Alico will no longer
pursue these grants.
During the
past year, Alico has been working with New Planet Energy LLC on this project and
NPE is continuing its pursuit of cellulosic ethanol. As a result of
Alico’s decision, Alico will have no further financial commitment or liability
to New Planet Energy, the DOE or the State of Florida for this
project. In reaching its decision to discontinue the ethanol project,
Alico’s management and Board of Directors determined that the risks associated
therewith outweighed any reasonably anticipated benefits for
Alico.
Alico
Chairman and CEO John R. Alexander stated, “In reaching this decision, Alico
will continue to focus on our core operations of real estate management
including agriculture and development opportunities to provide returns for our
shareholders.”
About
Alico, Inc.
Alico,
Inc., a land management company operating in Central and Southwest Florida, owns
approximately 135,500 acres of land located in Collier, Glades, Hendry, Lee and
Polk counties. Alico is involved in various agricultural operations and real
estate activities. Alico's mission is to grow its 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
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. These statements include the speculation that the
risks of the project outweigh any anticipated benefits. 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.