Alico Announces Credit Agreement
Alico, Inc. (NASDAQ:ALCO), one of the Souths best-known agribusiness companies operating in Central and Southwest Florida, entered into a $175 million revolving line of credit with Farm Credit of Southwest Florida on October 11, 2005.
John R. Alexander, Chairman and CEO of Alico, Inc. said, We are pleased to continue our relationship with Farm Credit of Southwest Florida. The terms of the agreement should provide the Company with working capital for years to come, including funds for real estate acquisitions which meet our investment criteria.
Alico, Inc., an agribusiness company operating in Central and Southwest Florida, owns approximately 136,500 acres of land located in Collier, Hendry, Lee and Polk Counties. The company is involved in various operations and activities including citrus fruit production, cattle ranching, sugarcane, sod production, and forestry. The Company also leases land for farming, cattle grazing, recreation and oil exploration, and is increasingly involved in exploring real estate development in and beyond its holdings.
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. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Companys reports and registration statements filed with the Securities and Exchange Commission.