TORONTO, May 24, 2016 /CNW/ - Ceres Global Ag Corp.
(TSX: CRP) ("Ceres" or the "Corporation") today announced that
Patrick Bracken has advised the
Company's Board of his intention to retire as President and CEO and
will resign the positions effective June
1, 2016. Mr. Bracken, who oversaw the Company's
transition to an internal management structure and the buildout of
the Northgate Commodities Logistics Hub, will continue to serve as
a Director on the Ceres Board. Mr. Bracken will also be responsible
for the development and implementation of the Company's strategic
plan for non-grain activities at Northgate.
The Company's Board of Directors has named Robert Day as President and Interim CEO
effective June 1, 2016.
Mr. Day, who joined Ceres in 2015 and served as Vice
President, Trading and Risk Management, brings more than 20 years
of industry and international experience. Mr. Day previously worked
with Cargill and ED&F Man
Ltd., in North America,
Asia and Mexico in a variety of roles, including
Managing Director Asia, and Commercial Director, Grain &
Oilseed Supply Chain. Mr. Day holds an MBA from St. Thomas University.
"On behalf of the Board, I would like to express our thanks to
Pat for his contributions and his commitment to working closely
with Robert in the coming months, helping to ensure a seamless
transition," said Douglas Speers,
Chairman of the Ceres Board of Directors. "We also look
forward to Pat's efforts at developing profitable non-grain
opportunities at Northgate in addition to propane and fertilizer
currently within our commodities portfolio mix."
Mr. Speers added, "We are also very pleased that Robert has
accepted the role as President and Interim CEO. He has been
an active member of the Ceres senior management team over the past
year, bringing more discipline and focus to our grain trading and
risk management activities. Robert's international experience
with grain merchandizing and trading are invaluable assets that we
expect will help to gain more traction for our strategy of
combining grain handling, storage and trading activities with a
world-class logistics hub."
Ceres also announced that consistent with its recent efforts to
lower operating costs, the company has reduced the size of its
Board from seven directors to five. The Company's
reconstituted board will consist of Pat
Bracken, Harvey Joel,
Gary Mize, Douglas Speers, and James Vanasek (Full bios and details of each
director is available at the Company's website,
www.ceresglobalag.com).
"I would like to thank Joe Monroe
and Harold Wolkin for their
outstanding contributions and stewardship during their time on our
Board," Mr. Speers added. "Joe and Harold provided excellent
leadership and constructive counsel during their tenure, and we
wish them extremely well in their future roles."
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 nine (9) grain storage and handling assets in Minnesota, New
York, Saskatchewan and
Ontario having aggregate storage
capacity of approximately 43 million bushels as at March 31, 2016.
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.
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 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 interim
MD&A for the year and quarter ended March 31, 2015. 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.