REGINA, Dec. 2, 2013 /CNW/ - Input Capital Corp. ("Input") (TSX Venture Exchange: INP) is releasing its monthly update for
November 2013 summarizing canola deliveries and the acquisition of new
multi-year canola streams.
Input owns a portfolio of ten multi-year canola streams from which it
expects to receive 17,152 base Metric Tonnes ("tonnes" or "MT") of
canola at an average cost of $79.05 per tonne. As these tonnes are
delivered to Input, Input sells them at market prices. Through the end
of November, Input has received delivery of 2,198 tonnes of canola, or
12.8% of anticipated FY2014 production, at an average realized price of
$474 per tonne for the current year-to-date. These deliveries have
pushed Input's revenues beyond $1 million for the current fiscal year.
Input is also eligible to purchase bonus tonnes from its farmer partners
when crop yields are above historical averages. Bonus tonnes consist of
15% of any yield over 30 bushels per acre, and are purchased for the
same average price of $79.05 per tonne.
"We are pleased to have surpassed the one million dollar revenue mark so
soon," said President and CEO Doug Emsley. "As expected, our canola is
being delivered into the country elevator network by our farmer
partners and we will continue to generate revenue throughout our third
and fourth quarters. The probability of receiving bonus tonnes in our
first fiscal year shows the upside in our business and we look forward
to our internally-generated free cash flow being put back to work into
new streaming contracts this year."
For the current year-to-date:
Base Tonnes Sold
% of FY14 Contracted
Base Tonnes (MT)
Bonus Tonnes Sold
As canola deliveries continue, Input is in the final stages of
confirming crop results in order to forecast bonus tonnes and finalize
its delivery schedule to various grain elevators across Saskatchewan
and Alberta. Input expects to receive the remainder of its canola
deliveries and accompanying cash payments by March 31, 2014.
Canola Streaming Contracts
Gord Nystuen, Vice-President Market Development, and Input's Business
Development team continue to meet with farmers across the prairies as
farmers begin plan for next year's growing season. As new streaming
contracts are finalized, they will be summarized in these monthly
updates. Input signed its first streaming contract in February of 2013.
Updated Corporate Presentation
Input has also updated its corporate presentation, which can be found on
the Company's website at www.inputcapital.com .
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 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 portfolio of ten canola streams, all of which produce
canola and revenue for Input in the year the agreement is 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. Input has completed
canola streaming contracts in Northern Alberta, Western Saskatchewan
and throughout East Central 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