Company Name
Alico (ALCO)

Company Web Site
http://www.alicoinc.com/

Headquarters
LaBelle, FL

Latest News
June 2, 2008
LOS ANGELES--(BUSINESS WIRE)--Alico, Inc., today announced that it was withdrawing from its role in developing an advanced biofuels plant using the gasification/fermentation technology of Bioengineering Resources, Inc. ("BRI" ) in the State of Florida.

Alico has been working with New Planet Energy, LLC ("NPE" ) on this project for the past year.

"Despite Alico's decision not to go forward, New Planet Energy has assumed this project, has selected and is in the process of acquiring a site for the project in the State of Florida, and intends to pursue the venture to its successful conclusion," it was confirmed by Gary R. Smith, Chief Executive Officer of New Planet Energy, LLC.

Craig Evans, who has served as an independent consultant to Alico, Inc. since the inception of its relationship with BRI, and who has been handling day-to-day operations for the project and for all grant and loan guarantee issues on behalf of Alico, has been hired by NPE Florida to assure that there will be complete continuity as part of the phased transition, Smith noted.

The New Planet Energy plant in Florida will produce ethanol from cellulosic feedstocks, initially from yard, wood and vegetative wastes, taking ethanol production beyond reliance on food resources in the production of biofuels.

Funding
The Dept of Energy announced it would award the company up to $33 million for a proposed plant in LaBelle (Hendry County), Florida. The plant will produce 13.9 million gallons of ethanol a year and 6255 kilowatts of electric power, as well as 8.8 tons of hydrogen and 50 tons of ammonia per day. For feedstock, the plant will use 770 tons per day of yard, wood, and vegetative wastes and eventually energycane.

The $33 million grant, prepared and submitted on behalf of Alico by Crain Consulting, Inc. of Jackson, Mississippi and its associate Westar Trade Resources of Lubbock, Texas, is one of only six grants awarded to six different companies seeking to develop cellulosic ethanol in the U.S. Alicos project, along with the five other awardees, was deemed the cream of the crop by Secretary Bodman during his announcement at the DOE headquarters today.

Technology
The plant will utilize a patented thermochemical technology that ferments synthesis gas. This process, developed by Bioengineering Resources, Inc (BRI) of Fayetteville, Arkansas, is suitable for any biomass, even those not easily processed biologically such as wood and wood waste.

The Alico plant, to be completed in 2010, will use 770 tons per day of wood and vegetable wastes and eventually energycane to produce $13.9 million gallons of ethanol per year. In addition, the plant will produce 6,255 kilowatts of electric power, 8.8 tons of hydrogen and 50 tons of ammonia per day.