LaBelle, FL, January 23, 2007 -- Alico, Inc. (NASDAQ:ALCO), a land management company, announced at its annual stockholders meeting held on Friday January 19, 2007, the election by stockholders of John R. Alexander, Robert E. Lee Caswell, Evelyn D'An, Phillip S. Dingle, Gregory T. Mutz, Charles Palmer, Baxter G. Troutman, Robert J. Viguet, Jr. and Dr. Gordon Walker to serve on the Company's Board of Directors. Additionally, the shareholders approved the Amended and Restated Directors Compensation Plan.
At its Board of Directors meeting following the Annual Stockholders meeting, the Board declared a regular quarterly dividend in the amount of $0.275 per share to be paid to shareholders of record as of March 30, 2007 with payment expected on or about April 15, 2007.
The Board also re-elected Mr. Alexander as Chairman and Mr. Mutz as Lead Director, and made the following committee appointments:
| Audit: |
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Chairman: |
Philip S. Dingle |
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Financial Expert: |
Evelyn D'An |
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Gregory T. Mutz |
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Gordon Walker |
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| Compensation: |
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Chairman: |
Charles L. Palmer |
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Gregory T. Mutz |
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Robert J. Viguet, Jr. |
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Gordon Walker |
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| Nominating and Corporate Governance: |
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Chairman: |
Gordon Walker |
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Evelyn D'An |
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Gregory T. Mutz |
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Charles L. Palmer |
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| Strategy and Business Development: |
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Chairman: |
Gordon Walker |
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Phillip S. Dingle |
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Gregory T. Mutz |
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Charles L. Palmer |
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Baxter G. Troutman |
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Robert J. Viguet, Jr. |
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The Board also elected the following officers:
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| Chief Executive Officer: |
John R. Alexander |
| President and Chief Operating Officer: |
Dan L. Gunter |
Senior Vice President, Chief Financial Officer,
Treasurer and Assistant Secretary: |
Patrick W. Murphy |
| Senior Vice President, Real Estate: |
Michael T. Rosen |
Senior Vice President, Human Resources and
Information Technology: |
Michael R. Talaga |
| Senior Vice President, Ag-Operations: |
Steven M. Smith |
| Senior Vice President, Non-Ag Operations: |
Robert M. Bogart |
| Corporate Secretary: |
A. Denise Plair |
Director of Accounting, Controller and
Assistant Treasurer: |
Jerald R. Koesters |
About Alico, Inc.
Alico, Inc., a land management company operating in Central and Southwest Florida, owns approximately 137,000 acres of land located in Collier, Glades, Hendry, Lee and Polk counties. Alico is involved in various operations and activities including citrus fruit production, harvesting and marketing, vegetable production, cattle ranching, sugarcane, sod production, rock mining, vegetable seedling greenhouse operations and forestry. Alico also leases land for farming, cattle grazing, recreation and oil exploration. Alico's mission is to grow its earnings and 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 risks include the risk that assumptions about future actions upon which projected gain was calculated will not occur including the risk that the options for the Ginn West properties will not be exercised and the risk that a bankruptcy of a contracting party could impact the ability of the company to realize its expected gains or experience the benefits of its contracts. 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. |
