Agri-Insurance to Sell Land Near Fla. Gulf Coast University

Ben Hill Griffin III, CEO and chairman of the Board of Alico Inc. announced that Agri-Insurance Company Ltd., a wholly owned subsidiary of Alico Inc., has entered into a contract to sell 313 acres in Lee County, Florida to Airport Interstate Associates LLC.

The contract sales price is $10.0 million and, under the terms of the agreement, the closing could occur before the end of September 2003. The property is located approximately 1/4 mile north of Alico Road along the new Ben Hill Griffin Parkway extension.