REGINA, Oct. 1, 2014 /CNW/ - Alliance Grain Traders Inc. ("AGT") is pleased to announce that AGT's planned name change from "Alliance Grain Traders Inc." to "AGT Food and Ingredients Inc." is now complete. The name change resolution was approved by shareholders at AGT's 2014 Annual and Special Meeting held on June 19, 2014.
"AGT's name change is a significant event for our company. We feel our new name better reflects our business focus and strategy and makes this focus clear to our shareholders, our customers, our stakeholders and to food markets globally. We have embarked on a path towards food ingredients and retail packaged foods through our recent investments and expansions, complementing our legacy business in pulses and staple foods processing, exporting and merchandising. Along with our Minot facility, our announced partnerships with both Ingredion and Cargill are important components that signaled a need to create a new name for AGT as we continue our movement up the value chain from being a commodity processor and exporter to a food ingredient producer and supplier. Our re-branding initiative will ensure that customers all over the globe, both current and new, will recognize AGT Food and Ingredients Inc. as a quality producer and supplier of not only pulses and staple foods, but also pulse ingredient flours, proteins, starches and fibres for human food, branded feed, pet food and aquaculture markets," said Mr. Murad Al-Katib, President and CEO of AGT.
"As a company and as a management team, we have always been confident in our ability to leverage our global strengths and build our new lines of business, which we expect to be a catalyst that transforms our company from a commodity shipper to a food and food ingredient company, creating future opportunities and generating increased value to our shareholders. Our new company name reflects this focus and we are excited about the opportunities ahead of us," said Mr. Huseyin Arslan, Executive Chairman of the AGT Board of Directors.
The Toronto Stock Exchange ("TSX") has informed AGT that the common shares of AGT will commence trading under the new name two or three business days following the date of this announcement. AGT will retain the TSX trading symbol "AGT" for its common shares.
AGT Food and Ingredients Inc. Profile
AGT Food and Ingredients Inc. (AGT) is a processor of value-added pulses, staple foods and ingredients for export and domestic markets as well as a supplier of retail packaged and canned foods to retail and food service sectors. Through its offices and processing facilities located in some of the best agricultural growing regions in Canada, the U.S., Turkey, China, Australia and South Africa, merchandising and sales offices in the U.K., the Netherlands, Spain, Switzerland and India and origination offices in Russia, AGT produces a full range of pulses and specialty crops including lentils, peas, chickpeas, beans and canary seed as well as food ingredients such as pulse flours, proteins, starches and fibres. Through its subsidiaries in Turkey, the Arbel Group, AGT also produces staple foods such as Arbella Pasta, rice, and milled wheat products, including bulgur and semolina.
Certain statements in this press release are forward-looking statements. In particular, this press release contains forward-looking statements with respect to, among other things, the timing of the common shares of AGT commencing trading on the TSX. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by AGT at the time of preparation, may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGT (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of harvests, fluctuations in the price of lentils and other crops, failure of plant, equipment or processes to operate as anticipated, accidents or labour disputes, risks relating to the integration of acquisitions or to international operations, as well as those factors referred to in the section entitled "Risk Factors" in the Annual Information Form of AGT dated March 31, 2014 which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although AGT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. AGT expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE: Alliance Grain Traders Inc.
For further information: Investor Relations, Omer Al-Katib, (306) 244-1318, [email protected]