Business
Alico, Inc. Announces Execution of New Four-Year Citrus Fruit Supply Agreements
FORT MYERS, Fla., May 21, 2020 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces it has entered into two new
About this update from Alico, Inc.
[{"type":"text","content":"FORT MYERS, Fla., May 21, 2020 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announces it has entered into two new agreements with its largest customer to supply citrus fruit. These agreements are effective October 1, 2020 and conclude on July 31, 2024 and succeed an existing agreement that is set to expire at the end of September 2020.\n John Kiernan, Alico’s President and Chief Executive Officer, commented, “We are pleased to announce that we have extended our relationship with our largest customer for 4 more years. Alico is proud of the successful business relationship we have been able to develop with this customer in recent years and we are both committed to meeting the challenges facing the Florida citrus industry with near-term patience and long-term focus. These new supply agreements, in connection with our other continuing agreements, commit substantially all of our citrus fruit and incorporate certain increasing pricing provisions over the next several seasons.” 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...