Input Capital Corp. Monthly Update - January 2014
REGINA, Feb. 3, 2014 /CNW/ - Input Capital Corp. ("Input") (TSX Venture Exchange: INP) is releasing its monthly update for January 2014 summarizing canola deliveries and the acquisition of new multi-year canola streams.
Input continues to make canola deliveries despite the significant backlog in the grain handling and transportation system. The record Canadian harvest of 2013 and increasing demand for railcars from the oil industry has temporarily overloaded the rail lines in western Canada.
"We are in the midst of an unusual dynamic," said President and CEO Doug Emsley. "Export terminals are at low inventory levels due to strong end-used demand for our products while country elevators are at the limit of their working capacity. The railway system is struggling to keep up and this has resulted in Input seeing delays to its production being called in for delivery. We are currently delivering against our December contracts and could see the timing of our deliveries extend beyond March 31 and into our next fiscal year."
Gord Nystuen, Vice-President of Market Development added, "The plugged rail lines have also led to a significant decrease in net prices being realized by farmers across the Prairies. Our marketing plan has insulated us from this low price environment, having locked in net prices early in the season."
For the current fiscal year year-to-date:
Base Tonnes Sold
% of 2013 Growing
Season Base Tonnes
Bonus Tonnes Sold
New Canola Streams
During the month of January, Input deployed $6,080,075 into three new multi-year Streaming Contracts and two additions to existing Streaming Contracts that will increase the Company's canola interests from the 2013 growing season and for the upcoming growing season and beyond. Input now expects to receive 18,297 tonnes of canola from the 2013 growing season.
As streaming contracts are finalized, they will be summarized in these monthly updates.
Fiscal Third Quarter Release Reminder
Input will release its fiscal 2014 third quarter results on Thursday, February 6, 2014, after market close. A conference call will be held on Friday, February 7, 2014.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Input is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. Input enters into multi-year canola Streaming Contracts with canola farmers in western Canada. Pursuant to the Streaming Contract, Input purchases a fixed portion of the canola produced, at a fixed price, for the duration of the term of the contract. Input is a non-operating farming company with a diversified portfolio of canola streams, all of which produce canola and revenue for Input within a year of being signed. Input plans to grow and diversify its low cost canola production profile through entering into additional canola Streaming Contracts with farmers across western Canada.
Input is focused on farmers with quality production profiles, excellent upside yield potential, and strong management teams. Input has completed canola Streaming Contracts in Northern Alberta, Western Saskatchewan and throughout Eastern Saskatchewan.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its business. Such statements are based on the current expectations and views of future events of Input's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Input, including risks regarding the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of Input. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Input undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Input Capital Corp.For further information:
President & CEO
Executive Vice-President & CFO