State of Florida to Acquire Approximately 10,684 Acres

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 10,684 acres of Alico Ranch for approximately $28.5 million under the Florida Forever program.

John Kiernan, Alico’s President and CEO

John Kiernan, Alico’s President and Chief Executive Officer, commented, “We are pleased the State of Florida has approved entering into this option agreement which grants it an option to purchase approximately 10,684 acres on the west side of the Alico Ranch.

If exercised, we expect the State to close on the purchase by the end of our 2020 fiscal year.

Alico is committed to our culture of conservation. Last year, Alico sold approximately 5,500 acres of pristine land to the State of Florida for permanent protection under the Florida Forever program.

These transactions 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, “Because the acres involved in this potential purchase by the State are critical to the planned Alico dispersed water storage project known as Alico Northern Everglades Payment for Environmental Services, we have decided to suspend the permit approval activities for that project at this time.

Alico remains dedicated to preserving Florida’s crucial water resources and intends to explore other ways to continue to partner with the State of Florida on our dispersed water storage project once this pending transaction closes.

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.”

For more information, visit www.alicoinc.com

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