RECEIVES A $7.0 MILLION SETTLEMENT
FL., March 20, 2009 -- Alico,
Inc. (NASDAQ: ALCO), a land management company, announced that it had
executed a Settlement Agreement with a vendor that resulted in a $7.0 million
payment to Alico on March 20, 2009.
agreement, the vendor admits no wrongdoing and stipulates that Alico cannot
divulge the vendor’s name or the agreement’s circumstances. Alico
will recognize the payment as non-operating income during its second quarter
ending March 31, 2009.
Smith, President and Principal Executive Officer, noted, “We are pleased to
settle this dispute in a manner that is very beneficial to our stockholders and
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.
Further Information Contact:
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. 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.