MINNEAPOLIS, MN, Oct. 2, 2017 /CNW/ - Ceres Global Ag Corp.
(TSX: CRP) ("Ceres", the "Corporation" or the "Company") today
announced that Chief Financial Officer Mark
Kucala has stepped down from his position but will stay on
with the Company as Treasury, Risk and Process Improvement Manager.
Replacing Mr. Kucala as CFO is Kyle
Egbert who previously served as Ceres' Vice President
Finance.
"For nearly a decade, Mark has been a stalwart supporter of our
business," said Robert Day, Ceres'
President and Chief Executive Officer. "Throughout his tenure, he
has helped Ceres navigate through many changes and significant
growth, including the development of our Northgate infrastructure,
reaching more than 110 million bushels handled and doubling of
revenues. Going forward, Mark will continue to provide leadership
and support in the areas he is most passionate about; treasury and
banking relationships, risk processes and procedures, and
operations systems and reporting."
Mr. Day continued, "Replacing Mark as CFO is Kyle Egbert who recently joined the Company as
Vice President Finance. Kyle has deep knowledge of our industry
through previous positions held with Royal
Dutch Shell in commodity trading, along with a depth of
experience in financial reporting, valuation and controls and
compliance. Kyle will assume responsibility for helping guide Ceres
into the future and we wholeheartedly welcome him to the senior
management team."
The appointment of Mr. Egbert to the role of Chief Financial
Officer for Ceres was effective October 1,
2017.
About Ceres Global Ag Corp.
(ceresglobalagcorp.com)
Headquartered in Minneapolis, Ceres Global Ag Corp. is focused
on two primary businesses: a Grain Storage, Handling and
Merchandising unit; and a Commodity Logistics unit.
Ceres operates in two business units, one of which is a grain
storage, handling, and merchandising unit anchored by a collection
of six (6) grain storage and handling assets in Minnesota, Saskatchewan and Ontario having aggregate storage capacity of
approximately 34.4 million bushels.
Ceres' Commodity Logistics unit is focused on the development of
a Commodity Logistics Centre in Northgate, SK. The Northgate
Commodities Logistics Centre is a state-of-the-art grain,
agriculture services and oilfield supplies transloading site.
Ceres also has a 25% interest in Stewart Southern Railway Inc.,
a short-line railway with a range of 130 kilometres that operates
in South-eastern Saskatchewan, and
a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed
development company.
Cautionary Notice: This news release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation and United States securities laws. Forward-looking
information may include, but is not limited
to, statements regarding future operations and results,
anticipated business prospects and financial performance of Ceres
and its subsidiaries, including the plans, costs, timing and
capital for the further development of the Northgate Commodities
Logistics Centre, expectations or projections about the future,
strategies and goals for growth, expected and future cash flows,
costs, planned capital expenditures, regulatory change, general
economic political and market conditions anticipated capital
projects, construction and completion dates, operating and
financial results, critical accounting estimates, the expected
financial and operational consequences of future commitments.
Generally, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", "believes", "may have implications" or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "would", "might", or "will be taken",
"occur", or "be achieved". Forward-looking information is based on
the opinions and estimates of management at the date the
information is made, and is based on a number of assumptions and
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information.
Key assumptions upon which such forward-looking
information is based are listed in the "Forward-Looking
Information" section of the MD&A for the year ended
June 30, 2017. Many
such assumptions are based on factors and events that are
not within the control of Ceres and there is no assurance they will
prove to be correct. Factors that could cause actual results to
vary materially from results anticipated by such forward-looking
information include, among others, risks related to weather,
politics and governments, changes in environmental and other laws
and regulations, competitive factors in agricultural, food
processing and feed sectors, construction and completion of capital
projects, labour, equipment and material costs, access to capital
markets, interest and currency exchange rates, technological
developments, global and local economic conditions, the ability of
Ceres to successfully implement strategic initiatives and whether
such strategic initiatives will yield the expected benefits, the
ability of Ceres to successfully defend the claim by The Scoular
Corporation, the operating performance of the Corporation's assets,
the availability and price of commodities and regulatory
environment, processes and decisions. Although Ceres has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking information, there may be other
factors that cause actions, events or results that are not
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Ceres undertakes no obligation to
update forward-looking information if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking information.
SOURCE Ceres Global Ag Corp.