TORONTO, April 19, 2018 /CNW/ - Ceres Global Ag Corp.
("Ceres" or the "Company") (TSX: CRP) today announced that court
proceedings for the previously announced pending action commenced
by The Scoular Company ("Scoular") in the
United States District Court of the District of Minnesota are set to commence October 9, 2018. In the action, Scoular is
seeking injunctive relief and damages relating to 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.
The trial is scheduled to be held at the United States District Court in
Minneapolis and will be a trial by
jury.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through its network of commodity logistics centers and team of
industry experts, Ceres Global Ag Corp. 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 six locations, Duluth,
MN; Minneapolis, MN;
Savage, MN; Shakopee, MN; Northgate, Saskatchewan and Port Colborne, Ontario, and is headquartered
in Minneapolis, MN. Its
wholly-owned facilities throughout North
America have an aggregate grain and oilseed storage capacity
of approximately 34.4 million bushels.
Ceres also has a 25% interest in 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
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.