UPDATE: Special Committee of Alico Engages Independent Financial, Legal Advisor, Considering Strategic Options

Alico, Inc. ("Alico")(Nasdaq: ALCO), an American agribusiness and land management company, todayannounced that the Special Committee of its Board of Directors has engagedDeutsche Bank Securities Inc. to act as its financial advisor and GreenbergTraurig, P.A. to act as its legal counsel to assist and advise the SpecialCommittee with respect to pursuing potential strategic and financialtransaction alternatives, including merger, business combination and saletransactions involving Alico.As previously announced, Alico formed the Special Committee, composed entirelyof independent directors not affiliated with Alico's majority shareholder,Atlantic Blue Group, Inc. ("Atlanticblue"), following Atlanticblue'sannouncement of its intention, in light of recent changes in the U.S. federaltax code, to pursue the sale of its entire equity position in Alico to astrategic or financial buyer.The Special Committee intends to work with its independent financial and legaladvisors to identify and evaluate all available strategic and financialalternatives to maximize shareholder value and that are in the best interestsof Alico and its shareholders. Atlanticblue has informed Alico that it intendsto work cooperatively with the Special Committee with respect to this process.There can be no assurance that any such transactions will be available or beapproved or recommended by the Special Committee, or that any agreementproviding for any such transaction will be entered into or consummated.