TORONTO, Aug. 18, 2017 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres" or the "Corporation") provided an update today on the status of the pending action commenced by The Scoular Company ("Scoular") in the United States District Court of the District of Minnesota in 2014. In the action, Scoular is seeking injunctive relief and damages relating to Ceres' termination of the proposed joint development and construction of a grain facility at the Corporation's Northgate Commodity Logistics Centre on the grounds of breach of contract, tortious interference with contract, promissory estoppel, and unjust enrichment.
On August 16, 2017, the Court rendered a decision on a motion brought by Ceres for summary judgment on the action and on a motion to exclude certain expert evidence filed by Scoular with respect to Scoular's alleged damages, which estimated Scoular's lost profit from Ceres' termination of negotiations with Scoular at US$66 million. In its decision, the Court denied both of Ceres's motions and established a schedule for the trial of the action before a jury. The trial is currently scheduled for commencement on October 23, 2017.
Ceres intends to vigorously defend the action at trial.
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' Grain Storage unit is anchored by its 100% ownership of Riverland Ag Corp., a collection of eight grain storage and handling assets in Minnesota, New York, Saskatchewan and Ontario having aggregate storage capacity of approximately 44.8 million bushels as at June 30, 2017.
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 Seeds, 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 with respect to the Corporation's litigation with The Scoular Company. 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 based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. 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, firstname.lastname@example.org