Ceres Global Ag Corp. announces initial quarterly results



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    TORONTO, Feb. 7 /CNW/ - The management of Ceres Global Ag Corp. ("Ceres"
or the "Corporation") is pleased to announce its initial quarterly results for
the two-month period ended December 31, 2007.
    Ceres was incorporated on November 1, 2007 and completed its initial
public offering on December 21, 2007, the date on which it commenced its
business activities. On that basis, no comparative figures were presented in
the unaudited interim financial statements.
    On December 21, 2007, Ceres completed its initial public offering and
issued 12,500,000 units (the "Units") at $12.00 per Unit, for gross proceeds
of $150 million. Each Unit consists of one common share (collectively, the
"Common Shares") and one Common Share purchase warrant (collectively, the
"Warrants"). The Units will separate into Common Shares and Warrants on or
before March 1, 2008.
    For the period from December 21, 2007 to December 31, 2007, Ceres
invested in securities of publicly-traded companies located in Canada, the
United States of America and other countries. As at December 31, 2007, the
fair value of Ceres' investment portfolio was $33,952,107 and the cost of
those investments was $30,641,197.
    For the two months ended December 31, 2007, Ceres reported net income in
the amount of $2,511,235, which included an unrealized gain on investments of
$3,310,910 for the period. Basic earnings per share were $1.11 and fully
diluted earnings per share were $1.09.
    For the period from the date of commencement of operations on
December 21, 2007 to December 31, 2007, Ceres earned dividend revenues
totalling $15,560.
    As at December 31, 2007, the net asset value attributable to each Unit
was $11.38.

    
    Summary Statement of Operations and Retained Earnings

    For the period from November 1,2007 (date of incorporation) to
    December 31, 2007

    Unaudited
    -------------------------------------------------------------------------

    Dividend revenues                                           $     15,560
    Operating expenses                                               815,235
    -------------------------------------------------------------------------
    Loss from operations                                            (799,675)
    Unrealized gain on investments                                 3,310,910
    -------------------------------------------------------------------------
    Net income and retained earnings, end of period             $  2,511,235
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Earnings per share
      Basic                                                     $       1.11
    -------------------------------------------------------------------------
      Fully diluted                                             $       1.09
    -------------------------------------------------------------------------

    Excluded from operating expenses are share issue costs totalling
$10,282,000, which were charged to shareholders' equity, and applied to reduce
the stated capital value of the Common Shares and the Warrants.

    Summary Statement of Financial Position

    As at December 31, 2007

    Unaudited
    -------------------------------------------------------------------------

    ASSETS
      Cash                                                      $119,691,905
      Investments, at fair value (cost: $30,641,197)              33,952,107
      Dividends receivable                                            14,066
    -------------------------------------------------------------------------
    TOTAL ASSETS                                                $153,658,078
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
      Accounts payable, accruals and provisions                 $ 11,428,743
    -------------------------------------------------------------------------

    SHAREHOLDERS' EQUITY
      Common shares                                              130,985,725
      Warrants                                                     8,732,375
      Retained earnings                                            2,511,235
    -------------------------------------------------------------------------
    TOTAL SHAREHOLDERS' EQUITY                                   142,229,335
    -------------------------------------------------------------------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                  $153,658,078
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    Ceres is an investment company. Therefore, its investments in equity
securities are measured and reported at fair value with unrealized gains or
losses recognized in net income for the period.
    No book value has been assigned to potential tax benefits associated with
tax losses totalling $1,142,400 and future tax deductions of $9,939,700
related to share issues costs, net of the potential tax liability related to
the unrealized appreciation of investments amounting to $3,310,910, as there
is not sufficient certainty of utilization.

    This news release contains forward-looking statements concerning the
Corporation's business and operations. The Corporation cautions that, by their
nature, forward-looking statements involve risks and uncertainty and the
Corporation's future actual results could vary materially from those expressed
or implied in such statements. Reference should be made to the Corporation's
interim financial statements, its management discussion and analysis, or the
initial public offering prospectus dated December 13, 2007 for a description
of the major risk factors.





For further information:

For further information: Gary Selke, Chief Executive Officer, at (416)
915-2433


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