ALICO
HIRES REAL ESTATE EXECUTIVE
La Belle,
FL., October 2, 2008 -- Alico, Inc. (NASDAQ: ALCO), a land management company,
announced today the hiring of Don Schrotenboer as Vice-President of Real Estate,
effective September 30, 2008. Mr. Schrotenboer will be responsible
for providing entitlement, strategic direction, planning, and development for
the properties of Alico, Inc. and its subsidiaries.
Mr.
Schrotenboer most recently has worked for Alico as a real estate consultant with
Gilkey & Associates. Prior to this position, Don was responsible
for overseeing the development of Ave Maria in Collier County as Director of
Project Development. Don has an extensive background in community
development. He graduated from Siena Heights University with a
Bachelor’s degree in Hotel, Restaurant and Institutional
Management.
Dan L.
Gunter, President and CEO of Alico stated, “We are pleased to have Don join our
staff. His consulting work with us demonstrated his abilities in
adding value to our real estate holdings. Don will be instrumental in
guiding us forward in our goal of maximizing shareholder value.”
Mr.
Schrotenboer will be compensated at a base salary of $225,000 annually, and was
issued 7,500 shares of the Company’s restricted stock which will vest 20% per
year annually beginning September 30, 2009. Mr. Schrotenboer will
participate in the Company’s management incentive program and will receive a
bonus of not less than $25,000 in December 2008.
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:
Dan L.
Gunter
LaBelle,
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. Forward looking statements include the
speculation that Mr. Schrotenboer will be able through his efforts to add value
to the Company’s real estate holdings and adding shareholder
value. 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.
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.