- Craig Reiners promoted to President & CEO, Riverland Ag;
- Michael Detlefsen appointed Executive Chairman, Riverland Ag;
- Don Grambsch appointed Chairman, Riverland Ag Canada;
- Barclays Capital assisting with Strategic Review of Riverland Ag operation.
TORONTO, Feb. 27, 2013 /CNW/ - Ceres Global Ag Corp. ("Ceres") announced today the appointment of C.R. (Craig) Reiners as President & Chief Executive Officer of Riverland Ag Corp. ("Riverland Ag"), Ceres' 100% owned grain storage and handling subsidiary, effective April 1, 2013.
Mr. Reiners started his career with Cargill in 1975 in Minneapolis, Minnesota, and held various trading and management positions throughout the United States in corn milling, flour milling, fertilizer and malt. In 1991, he was appointed President & COO, North American Malt. In 1997, he was also appointed President & CEO of Cargill's malting operations in Canada and the People's Republic of China. He left Cargill in 2002 to become the VP of Sales, ConAgra Food Ingredients, and in 2005, moved to become Director - Risk Management at Miller-Coors LLC. Mr. Reiners was appointed Chief Operating Officer of Riverland Ag Corp in July, 2011. A native of Canby, Minnesota, Mr. Reiners holds a B.S. in Biology and Chemistry from Augsburg College and an Executive MBA from the Carlson School of Management (University of Minnesota).
"We are pleased to be promoting Mr. Reiners. He has made solid contributions to operational efficiency, enhanced customer relationships, internal team-building and stronger risk management." said Michael Detlefsen, President of Ceres, and now Executive Chairman of Riverland Ag.
"We would like to thank Mr. Grambsch for his vision and leadership over the past three years. During his tenure as President & CEO of Riverland Ag, Don expanded the footprint of Riverland Ag and initiated several projects which have the potential to add significant value to Ceres," said Gary Selke, Chairman & CEO of Ceres.
Mr. Grambsch will remain on the Board of Riverland Ag, as well as take on the role of Managing Director, Grains and Logistics Development, Riverland Ag Canada. In his new role, Mr. Grambsch will assist Ceres in the development of current and future business initiatives in both the grain and logistics businesses.
Michael Detlefsen, President of Ceres, has been appointed Executive Chairman of Riverland Ag, and will work closely with Mr. Reiners on strategic and key operational matters.
As announced in December, Ceres is conducting a strategic review of Riverland Ag's assets and operations. Barclays Capital is assisting in this review. "I look forward to working with Craig and Barclays Capital to finish the strategic review of Riverland Ag, and to accelerate the implementation of initiatives resulting from this review," Detlefsen said.
About Ceres Global Ag Corp.
Ceres Global Ag Corp. owns 100% of Riverland Ag Corp., owns a 25% interest in Stewart Southern Railway Inc., and is developing the Northgate commodity logistics hub in conjunction with Scoular Grain and several energy company partners. Ceres also has significant capital available to invest in these and related businesses. Riverland Ag Corp. is an agricultural grain storage and handling and supply chain business operating 14 grain storage facilities in Minnesota, North Dakota, Wyoming, New York, Wisconsin and Ontario having aggregate storage capacity of approximately 54 million bushels. Stewart Southern Railway Inc. is a short line rail company that operates in Southeastern Saskatchewan as our commodities logistics division. The Northgate Commodity Logistics Hub is a $90 million grain, oil and oilfield supplies transloading site connected to the Burlington Northern Santa Fe Railroad and expected to open in the fall of 2013. 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 and nine-month period ended December 31, 2012. 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:
Jason Gould, Chief Financial Officer, at (416) 915-2426.