State of Florida approves option agreement with Alico to acquire approximately 5,804 acres of Alico Ranch
16 December 2020 - 8:15AM
Alico, Inc. (“Alico” or the “Company”) announces today that the
State of Florida approved entering into an option agreement
submitted by Alico which grants the State an option to purchase
approximately 5,804 acres of Alico Ranch for approximately $14.6
million under the Florida Forever program.
John Kiernan, Alico’s President and Chief
Executive Officer, commented, “We are pleased the State of Florida
has approved entering into this latest option agreement which
grants it an option to purchase approximately 5,804 acres on the
west side of the Alico Ranch. The 5,804 acre parcel is considered a
primary and secondary zone for the federally endangered Florida
panther and can contribute to increased protection of Florida’s
biodiversity at the species, natural community, and landscape
levels. If the State were to elect to exercise this option, we
would expect the closing to occur in the beginning of the third
quarter of our 2021 fiscal year. Over the last two years, Alico has
sold approximately 16,000 acres of pristine land to the State of
Florida for permanent protection under the Florida Forever program.
These transactions in aggregate are intended to preserve sensitive
lands for Florida's future, enhance protections for the Florida
Panther, and protect the health of the Caloosahatchee River and the
Western Everglades Basin.”
Mr. Kiernan continued, “As it has for
generations, Alico will continue to support conservation and land
management programs on the remaining acres of the Alico Ranch,
which are currently leased for recreational hunting and cattle
grazing activities.”
About Alico
Alico, Inc. primarily operates two divisions:
Alico Citrus, one of the nation’s largest citrus producers, and
Alico Land Management and Other Operations, which include
environmental services, land leasing and related support
operations. Learn more about Alico (Nasdaq: “ALCO”)
at www.alicoinc.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements are based on
Alico’s current expectations about future events and can be
identified by terms such as “plans,” “expect,” “may,” “anticipate,”
“intend,” “should be,” “will be,” “is likely to,” “believes,” and
similar expressions referring to future periods.
Alico believes the expectations reflected in the
forward-looking statements are reasonable but cannot guarantee
future results, level of activity, performance or achievements.
Actual results may differ materially from those expressed or
implied in the forward-looking statements. Therefore, Alico
cautions you against relying on any of these forward-looking
statements. Factors which may cause future outcomes to differ
materially from those foreseen in forward-looking statements
include, but are not limited to: changes in laws, regulation and
rules; weather conditions that affect production, transportation,
storage, demand, import and export of fresh product and their
by-products; increased pressure from diseases including citrus
greening and citrus canker, as well as insects and other pests;
disruption of water supplies or changes in water allocations;
market pricing of citrus; pricing and supply of raw materials and
products; market responses to industry volume pressures; pricing
and supply of energy; changes in interest rates; availability of
financing for land development activities and other growth and
corporate opportunities; onetime events; acquisitions and
divestitures; seasonality; labor disruptions; inability to pay debt
obligations; inability to engage in certain transactions due to
restrictive covenants in debt instruments; government restrictions
on land use; changes in agricultural land values; impact of the
COVID-19 outbreak and coronavirus pandemic on our agriculture
operations, including without limitation demand for product, supply
chain, health and availability of our labor force, the labor force
of contractors we engage, and the labor force of our competitors;
other risks related to the duration and severity of the COVID-19
outbreak and coronavirus pandemic and its impact on Alico’s
business; the impact of the COVID-19 outbreak and coronavirus
pandemic on the U.S. and global economies and financial markets;
access to governmental loans and incentives; any reduction in the
public float resulting from repurchases of common stock by Alico;
changes in equity awards to employees; whether the Company's
dividend policy, including its recent increased dividend amounts,
is continued; expressed desire of certain of our shareholders to
liquidate their shareholdings by virtue of past market sales of
common stock, by sales of common stock or by way of future
transactions; political changes and economic crises; competitive
actions by other companies; increased competition from
international companies; changes in environmental regulations and
their impact on farming practices; the land ownership policies of
governments; changes in government farm programs and policies and
international reaction to such programs; changes in pricing
calculations with our customers; fluctuations in the value of the
U.S. dollar, interest rates, inflation and deflation rates; length
of terms of contracts with customers; and changes in and effects of
crop insurance programs, global trade agreements, trade
restrictions and tariffs; the exercise of an option by the State of
Florida to purchase approximately 5,804 acres of land from Alico,
and soil conditions, harvest yields, prices for commodities, and
crop production expenses. Other risks and uncertainties include
those that are described in Alico’s SEC filings, which are
available on the SEC’s website at http://www.sec.gov. Alico
undertakes no obligation to subsequently update or revise the
forward-looking statements made in this press release, except as
required by law.
Investor Contact:
Investor Relations(646)
277-1254InvestorRelations@alicoinc.com
Richard RalloSenior Vice President and Chief Financial
Officer(239) 226-2000rrallo@alicoinc.com
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