TORONTO, Aug. 18, 2017 /CNW/ - Ceres Global Ag Corp. (TSX:
CRP) ("Ceres" or the "Corporation") provided an update today on the
status of the pending action commenced by The Scoular Company
("Scoular") in the United States District Court of the District of
Minnesota in 2014. In the
action, Scoular is seeking injunctive relief and damages
relating to Ceres' termination of the proposed joint development
and construction of a grain facility at the Corporation's Northgate
Commodity Logistics Centre on the grounds of breach of contract,
tortious interference with contract, promissory estoppel, and
unjust enrichment.
On August 16, 2017, the Court
rendered a decision on a motion brought by Ceres for summary
judgment on the action and on a motion to exclude certain expert
evidence filed by Scoular with respect to Scoular's alleged
damages, which estimated Scoular's lost profit from Ceres'
termination of negotiations with Scoular at US$66 million. In its decision, the Court
denied both of Ceres's motions and established a schedule for the
trial of the action before a jury. The trial is currently scheduled
for commencement on October 23,
2017.
Ceres intends to vigorously defend the action at
trial.
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' Grain Storage unit is anchored by its 100% ownership of
Riverland Ag Corp., a collection of eight grain storage and
handling assets in Minnesota,
New York, Saskatchewan and Ontario having aggregate storage capacity of
approximately 44.8 million bushels as at June 30, 2017.
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 Seeds, 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 with respect to
the Corporation's litigation with The Scoular Company.
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 based on
factors and events that are not within the control of Ceres and
there is no assurance they will prove to be correct. 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.