TORONTO, Nov. 19, 2013 /CNW/ - Ceres Global Ag Corp. ("Ceres" or the "Company") announces the resignation of Shannon T. Self as a director of the Company for health reasons, effective November 19, 2013. The Board of Directors thanks Mr. Self for his services to the Company and wishes him all the best in overcoming his health challenges.
Also effective November 19, 2013, the Ceres Board of Directors has appointed James T. Vanasek to replace Mr. Self. Mr. Vanasek, 43, is a principal of New York-based VN Capital and brings to the Board extensive financial, legal and investing experience. Mr. Vanasek will also take over from Mr. Self as Chair of the Audit Committee.
"I am disappointed to have to step away from such an exciting company so soon after my election to the Board, but I must focus all of my energy on my health at this time," said Mr. Self. "And because my diagnosis coincided with the recent release of the Company's quarterly financials, I want to emphasize that I have no disagreements with the Company, its management or its auditors," he added.
"We are truly sorry to be losing Shannon so early in Ceres' transition period and wish him all the best in overcoming his health challenges," said Gary Selke, the Company's Chairman of the Board. "And we welcome Jim and his expertise to the Company's Board and look forward to his contributions to maximizing the shareholder value of the Company," he added.
"I am pleased to be able take over seamlessly from Shannon, ensuring that the Company does not lose any of the positive momentum it has generated so far in the transition," said Jim Vanasek, adding that, "I look forward to working with the other Board members and Company management to enhance value for all shareholders."
About Ceres Global Ag Corp.
Ceres Global Ag Corp. is a Toronto-based agriculture and commodity logistics holding company with two main investment areas: its Grain Storage, Handling and Merchandising unit, anchored by its 100% ownership of Riverland Ag Corp.; and its Commodity Logistics unit, containing its 25% interest in Stewart Southern Railway Inc. and its development of the Northgate, SK Commodity Logistics Hub. Riverland Ag Corp. is a collection of ten (10) grain storage and handling assets in Minnesota, New York, Wisconsin and Ontario having aggregate storage capacity of approximately 51 million bushels. Riverland Ag also manages two (2) facilities in Wyoming on behalf of its customer-owner. The Stewart Southern Railway Inc. is a 130 km long short line railway that operates in Southeastern Saskatchewan. The Northgate Commodity Logistics Hub is a $90 million grain, oil and oilfield supplies transloading site being developed in conjunction with Scoular Grain and several potential energy company partners, connected to the Burlington Northern Santa Fe Railroad and expected to open in the spring of 2014. Ceres common shares trade on the Toronto Stock Exchange under the symbol "CRP".
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, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates and 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" 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 interim MD&A for the quarter ended September 30, 2013. 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 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:
For further information, contact Michael Detlefsen, Chief Executive Officer, at (416) 572-7631.