Tully & Holland announces sale of selected assets of Gallon Jug Agroindustry, Ltd. to The Forestland Group, LLC

January 22, 2013

Tully & Holland, Inc. is pleased to announce its role as exclusive financial advisor to Gallon Jug Agroindustry, Ltd. in its sale of selected assets to The Forestland Group, LLC. These assets, including 104,000 acres of land located in Central America, were sold to Laguna Seca Land, LLC, a newly formed company of The Forestland Group. The terms of the transaction were not disclosed.

Originally purchased in 1984 by Sir Barry Bowen, Gallon Jug Agroindustry owns vast forestland that has significant intrinsic value as an oil and gas, archaeological, conservation, and timberland property. This property includes large concentrations of mahogany trees milled for use in the manufacturing of the world's finest guitars and other specialty furniture items. The property is also an invaluable source of carbon credits.

"We are pleased to participate in a transaction which successfully addressed the objectives of Gallon Jug's shareholders while continuing to maintain the goal of sustainably foresting these valuable assets for many years to come," says Tim Tully, President of Tully & Holland, Inc.

Headquartered in Belize City, Belize, Gallon Jug Agroindustry, Ltd. is a subsidiary of Bowen & Bowen, Ltd., a conglomerate comprised of businesses in the food and beverage, hospitality, shipping, aquaculture, and auto industry sectors. "This transaction was part of a broader restructuring and recapitalization for Bowen & Bowen that also included the creation of a joint venture involving the world-class facilities of Belize Aquaculture, Ltd. with Thailand-based Seafresh Industry Public Co., Ltd. earlier in the year," according to Tim Tully.

The Forestland Group is a timberland investment management organization which manages investments in 3.4 million acres in the US, Canada and Central America. Headquartered in Chapel Hill, North Carolina, Forestland manages the nation's largest private portfolio of hardwood forests.