Alico, Inc. Announces Two New Appointments to the Board of Directors
August 06 2020 - 6:30AM
Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today
announces the appointment of two new members to the Company’s Board
of Directors (the “Board”).
Joining our Board is Ms. Kate English and Mr.
Adam Putnam. Ms. English will serve on the Compensation Committee
and Nominating and Governance Committee. Mr. Putnam will serve on
the Audit Committee and the Nominating and Governance Committee.
Each will serve until the 2021 annual meeting of the Company’s
shareholders or until her or his earlier death, resignation, or
removal in accordance with the Amended and Restated Bylaws of the
Company. This brings Alico’s total board membership to
nine.
Mr. Benjamin Fishman, Chairman of Alico’s board
of directors, commented “We are pleased to welcome Ms. English and
Mr. Putnam to our board of directors. They are both lifelong
Floridians and bring decades of leadership in the area of
agriculture as well as other land expertise that are vital to our
future operations and strategy. The addition of these directors
complements our current board of directors' skills and experiences,
and we are confident they will provide valuable perspectives as we
continue to execute our strategy, drive profitability and enhance
value for all Alico’s shareholders. We look forward to their
contributions and are excited they have joined Alico.”
Ms. English is a Partner at Pavese Law Firm,
whose practice concentrates on agricultural, environmental and land
use law with an emphasis on developing value and maintaining
productivity for larger properties. She has particular experience
representing companies whose key businesses are farming,
conservation and development. Before entering law school, she was a
field representative for Florida Citrus Mutual, working with its
grower members in nine counties in South and Southwest
Florida.
Mr. Putnam is the Chief Executive Officer of
Ducks Unlimited, an American nonprofit organization dedicated to
the conservation of wetlands and associated upland habitats for
waterfowl, other wildlife, and people. Mr. Putnam also served as
Florida’s Commissioner of Agriculture from 2011-2019 and was a US
Congressman for five terms.
For more information about Alico’s board of
directors, please visit our site at
http://ir.alicoinc.com/board-of-directors.
About Alico
Alico, Inc. primarily operates two divisions:
Alico Citrus, one of the nation’s largest citrus producers, and
Alico Water Resources and Other Operations, a leading water storage
and environmental services division. 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; Alico’s receipt
of future funding from the state of Florida in connection with
water retention projects; impact of the COVID-19 outbreak and the
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; any increase in the public float resulting from the
distribution by 734 Investors of its shares to its members; whether
the Company's dividend policy, including its recent increased
dividend amounts, is continued; expressed desire of certain of our
stockholders 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 ability to secure permits
for the Water Storage Contract and Project from the South Florida
Water Management District; 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; impact of concentration of
sales to one customer; whether the State of Florida exercises
an option to purchase approximately 10,700 acres of land from
Alico; and changes in and effects of crop insurance programs,
global trade agreements, trade restrictions and tariffs; 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.
This press release also contain financial
projections that are necessarily based upon a variety of estimates
and assumptions which may not be realized and are inherently
subject, in addition to the risks identified in the forward-looking
statement disclaimer, to business, economic, competitive, industry,
regulatory, market and financial uncertainties, many of which are
beyond the Company’s control. There can be no assurance that
the assumptions made in preparing the projected financial impact
will prove accurate. Accordingly, actual results may differ
materially from the projected financial impact.
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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