ANNOUNCES CFO RESIGNATION
FL., August 23, 2010 -- Alico, Inc. (NASDAQ: ALCO), a land management company,
announced today that Patrick W. Murphy, Alico’s Chief Financial Officer, has
notified the Company that he intends to resign for personal reasons and pursue
other interests. Mr. Murphy indicated that he has no disagreements
with management. Alico is seeking chief financial officer candidates and intends
to complete the search in the near future. Mr. Murphy has committed
to continue serving as Alico’s CFO until his successor has been appointed in
order to facilitate an orderly transition. Accordingly, the effective
date of Mr. Murphy’s resignation is not known at this time.
very appreciative of Patrick’s contributions to Alico, both as CFO for the past
five years and as controller and in other accounting department capacities for
15 of the last 18 years, and we wish him well in his future endeavors,” said JD
Alexander, Alico’s President and Chief Executive Officer.
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.