TORONTO, Sept. 26, 2016 /CNW/ - Ceres Global Ag Corp.
("Ceres" or the "Company") (TSX: CRP) today announced that it
expects to handle between 100 and 110 million bushels of total
grains during the FY2017 fiscal year, approximately double the 55.8
million bushels of total grains that company handled in FY2016.
The expected growth is largely due to the successful buildout of
its grain handling and shipping facility at Company's Northgate
Commodities Logistics Hub located in Saskatchewan and the increased utilization of
other elevators in the Ceres network. The expected 100%
increase is also due to the record crops produced during the
recently completed harvest season.
Ceres recently changed its reporting period to the 12 months
running from July 1 to June 30
effective with FY2017. In FY2016, Ceres had a 15-month period.
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 June 30, 2016, including 5.4 million bushels of
idle capacity.
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.
SOURCE Ceres Global Ag Corp.