MINNEAPOLIS, MN, Oct. 2, 2017 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres", the "Corporation" or the "Company") today announced that Chief Financial Officer Mark Kucala has stepped down from his position but will stay on with the Company as Treasury, Risk and Process Improvement Manager. Replacing Mr. Kucala as CFO is Kyle Egbert who previously served as Ceres' Vice President Finance.
"For nearly a decade, Mark has been a stalwart supporter of our business," said Robert Day, Ceres' President and Chief Executive Officer. "Throughout his tenure, he has helped Ceres navigate through many changes and significant growth, including the development of our Northgate infrastructure, reaching more than 110 million bushels handled and doubling of revenues. Going forward, Mark will continue to provide leadership and support in the areas he is most passionate about; treasury and banking relationships, risk processes and procedures, and operations systems and reporting."
Mr. Day continued, "Replacing Mark as CFO is Kyle Egbert who recently joined the Company as Vice President Finance. Kyle has deep knowledge of our industry through previous positions held with Royal Dutch Shell in commodity trading, along with a depth of experience in financial reporting, valuation and controls and compliance. Kyle will assume responsibility for helping guide Ceres into the future and we wholeheartedly welcome him to the senior management team."
The appointment of Mr. Egbert to the role of Chief Financial Officer for Ceres was effective October 1, 2017.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Headquartered in Minneapolis, Ceres Global Ag Corp. is focused on two primary businesses: a Grain Storage, Handling and Merchandising unit; and a Commodity Logistics unit.
Ceres operates in two business units, one of which is a grain storage, handling, and merchandising unit anchored by a collection of six (6) grain storage and handling assets in Minnesota, Saskatchewan and Ontario having aggregate storage capacity of approximately 34.4 million bushels.
Ceres' Commodity Logistics unit is focused on the development of a Commodity Logistics Centre in Northgate, SK. The Northgate Commodities Logistics Centre is a state-of-the-art grain, agriculture services and oilfield supplies transloading site.
Ceres also has a 25% interest in Stewart Southern Railway Inc., a short-line railway with a range of 130 kilometres that operates in South-eastern Saskatchewan, and a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed development company.
Cautionary Notice: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include, but is not limited to, statements regarding future operations and results, anticipated business prospects and financial performance of Ceres and its subsidiaries, including the plans, costs, timing and capital for the further development of the Northgate Commodities Logistics Centre, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, regulatory change, general economic political and market conditions anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates, the expected financial and operational consequences of future commitments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", "may have implications" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Key assumptions upon which such forward-looking information is based are listed in the "Forward-Looking Information" section of the MD&A for the year ended June 30, 2017. Many such assumptions are based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the ability of Ceres to successfully defend the claim by The Scoular Corporation, the operating performance of the Corporation's assets, the availability and price of commodities and regulatory environment, processes and decisions. Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions 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: Heidi Christensen Brown, NATIONAL Equicom, (416) 848-1389, [email protected]