LABELLE, Fl. (March 31, 2005) -- Alico, Inc., one of Florida's largest
agribusiness companies operating in Central and Southwest Florida, and with
approximately 141,000 acres in real estate holdings, announced today that
the Company has entered into a contract to sell approximately 280 acres of
citrus grove land located south of Labelle, Florida in Hendry County for
$5.6 million, or $20,000 per acre. The transaction is scheduled to close in
October of 2005. The Company will retain operating rights to the grove until
"This property is close to the area where Alico owns and maintains a 50 acre
greenhouse operation known as Alico Plant World, and is an area of expanding
growth and development. We felt that this was an opportune time to market
this land," Alico CEO John Alexander said today. "Alico will continue to
assess these market opportunities."
The company is involved in various operations and activities including
citrus fruit production, cattle ranching, sugarcane, sod production, and
forestry and main office is in LaBelle.