National Land Partners Meets With Alico Special Committee

Business Wire, Dec 21, 2004

WILLIAMSTOWN, Mass. -- At a meeting arranged by the Special Committee of the Board of Directors of Alico, Inc. (NASDQ: ALCO) on Thursday, December 16, representatives and principals of National Land Partners (NLP) met with the chair of the Special Committee and persons representing the views of all of the stockholders of Atlantic Blue Trust (ABT), as well as those of ABT itself.

ABT owns approximately 48% of Alico's common stock. The purpose of the meeting was to discuss NLP's proposal to acquire Alico. At the conclusion of that meeting, such representatives of ABT and its stockholders advised NLP and the Special Committee that neither ABT nor any of the holders of ABT's stock would be interested in selling the Alico shares held by ABT or supporting a sale transaction at the price offered by NLP or even at a substantially higher price. NLP has acknowledged that it will not proceed with a transaction to acquire Alico without the support of ABT and its stockholders. NLP remains keenly interested in Alico's prospects and will be assisted by its financial adviser, Harris Nesbitt Corp., as it considers its future course of action. For more information contact Donald Dion, Jr. at (413) 458-4700.