TORONTO, Jan. 8, 2015 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the "Corporation") (TSX: CRP) today announced that its Board of Directors has unanimously approved the initiative to reduce the compensation of Director, James Vanasek, to $1 per year, effective January 1, 2015. The initiative was put forth by Mr. Vanasek in an effort to demonstrate VN Capital's alignment with the interests of Ceres' shareholders. In addition to his role as a Director of Ceres, Mr. Vanasek is also a Principal of VN Capital, which now holds a 40% ownership stake in Ceres Global Ag Corp.
"As part of the renewed focus and vigor at Ceres Global Ag, I believe in implementing the highest standards of corporate governance and integrity so that all shareholders can be sure that every decision is made for their benefit," stated James Vanasek. "As such, I requested that my compensation for serving on Ceres Board of Directors be reduced to $1 per year and I am pleased that it was unanimously approved by the Board."
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 47 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 Commodities Logistics Centre is a proposed $96 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.
SOURCE Ceres Global Ag Corp.
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