MINNEAPOLIS, MN, Nov. 13, 2018 /CNW/ - Ceres Global Ag Corp.
("Ceres" or the "Company") (TSX: CRP) today announced that it has
entered into a long-term agreement with London Agricultural
Commodities, Inc., ("LAC") to provide LAC with storage and handling
services from Ceres' Port Colborne,
ON, export grain elevator.
The agreement, effective July 1,
2019, includes established storage fees, in/out handling
fees and minimum volumes to be handled. Ceres will continue to
operate the elevator and will provide a full range of services to
LAC and its customers, including receiving product by truck and
rail, drying, storing, and loading product into truck, rail or
vessel.
"This agreement connects the Port
Colborne elevator to LAC's vast origination network in
Ontario and will allow Ceres to
more effectively utilize its capacity and capabilities," said
John Carroll, Vice President of Risk
Management and Trading at Ceres. "This deal was made possible, in
part, because of the great work from the Ceres team at Port Colborne and is a great example of how
operational excellence can lead to commercial success."
Under this agreement, Ceres will continue to use a small portion
of the elevator's storage capacity for its own oats and organic
product programs. The majority of the elevator will be used for
storing and handling corn, soybeans, wheat and other products for
LAC.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through our network of commodity logistics centers and team of
industry experts, Ceres procures and provides North American
agricultural commodities & value-added products, industrial
products, fertilizer, energy products and reliable supply chain
logistics services to customers worldwide.
Ceres operates five locations, Duluth,
MN; Minneapolis, MN; Shakopee, MN;
Northgate, Saskatchewan; and Port Colborne, Ontario, and is headquartered
in Minneapolis, MN. Our facilities throughout North
America have an aggregate grain and oilseed storage capacity
of approximately 29.7 million bushels.
Ceres also has a 50% interest in Savage Riverport LLC, a joint
venture with Consolidated Grain and Barge Co. ("CGB"), a 25%
interest in Stewart Southern Railway Inc., a short-line railway
located in southeast Saskatchewan with a range of 130
kilometers, 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
period ended September 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
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.