TORONTO, June 5, 2014 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the
"Company") (TSX: CRP) today announced that its wholly owned subsidiary,
Riverland Ag Corp. ("Riverland"), and Consolidated Grain and Barge Co.
("CGB"), a wholly owned subsidiary of CGB Enterprises, Inc., have
mutually agreed to terminate their agreement to sell Riverland's
Savage, Minnesota grain storage facility to CGB.
"We remain focused on continuing to improve operations at Riverland
including optimizing our capacity and increasing our turnover," said
Michael Detlefsen, President and CEO of Ceres. "At the same time we are
developing additional business opportunities at the Stewart Southern
Railway and completing construction on the initial phase of the
Northgate Commodities Logistics Centre."
CGB continues to lease storage space at the Savage elevator, and the
companies continue to work together to expand their business
relationship in the Upper Midwest.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Ceres Global Ag Corp. is a Toronto‐based company focused on two primary
businesses: a Grain Storage, Handling and Merchandising unit, anchored
by its 100% ownership of Riverland Ag Corp., and a Commodity Logistics
unit, containing its 25% interest in Stewart Southern Railway Inc. and
its development of the Northgate, SK Commodity Logistics Centre.
Riverland Ag Corp. is a collection of nine (9) grain storage and
handling assets in Minnesota, New York, and Ontario having aggregate
storage capacity of approximately 48 million bushels. Riverland Ag also
manages two (2) facilities in Wyoming on behalf of its customer‐owner.
Stewart Southern Railway Inc. is a short-line railway with a range of
130 kilometres that operates in South‐eastern Saskatchewan. The
Northgate Commodity Logistics Centre is a proposed $90 million grain,
oil and oilfield supplies transloading site being developed in
conjunction with Riverland Ag and several potential energy company
partners, connected to BNSF Railway.
CGB, with over 90 grain elevators across the Midwest, oversees a diverse
family of businesses providing an array of services for producers. The
company's entrepreneurial approach has thrived over 40 years and also
includes transportation, processing, bulk handling, financing, crop
insurance, and logistics services for a global base of customers. Visit
www.cgb.com to learn more.
Cautionary Notice: This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation and United States securities laws about the sale of the
Savage facilities, the business relationship between the business and
CGB and the financing of the Northgate Commodity Logistics Centre.
Forward-looking information in this news release are subject to a
number of risks and uncertainties that could cause actual events or
results to differ materially from current expectations. There can be no
assurance that this transaction will be completed, or the timing of any
closing. Some of the factors that could affect the closing of the
transactions include the need to obtain regulatory approval and
satisfaction of other closing conditions. Ceres undertakes no
obligation to update forward-looking information if circumstances or
management's expectations 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.
For further information:
(416) 815-0700 ext. 238
VP Grain Division
CGB Enterprises, Inc.