REGINA, Oct. 15, 2013 /CNW/ - Input Capital Corp. ("Input") (TSXV: INP) announces that it has taken delivery of canola from its first ever canola streaming contract.
On January 15, 2013, Input signed its first ever canola streaming contract (Contract SK-1) with a farmer in Central Saskatchewan. Under the terms of that contract, the farmer agreed to deliver specified numbers of tonnes of canola to Input over the next six years, including 700 base tonnes in 2013, plus bonus tonnes consisting of 15% of any yield over 30 bushels per acre.
Last week, the farmer completed delivery of 712 tonnes of canola to a grain elevator at Raymore, Saskatchewan, and Input received payment of $359,862 from the elevator, for an average net price of $505 per tonne.
Once the final yield reconciliations are completed on this farm, the final number of bonus tonnes will be calculated and delivered to Input's account with the same grain company.
President and CEO Doug Emsley said, "Many investors have told us they want to see Input complete the circle and see capital deployed, turned into canola tonnes, and sold for cash. This first canola delivery completes that circle and demonstrates the strength of Input's proprietary agriculture streaming model. Only 9 months after deploying the capital, Input is recognizing revenue and has been paid for the first deliveries under this contract."
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Input is an agriculture commodity streaming company with a focus on canola, the largest and most profitable crop in Canadian agriculture. Input enters into canola streaming contracts with canola farmers in western Canada. Pursuant to the streaming contract, Input purchases a fixed portion of the canola produced, at a fixed price, for the duration of the term of the contract. Input is a non-operating farming company with a portfolio of ten canola streams, all of which produce canola and revenue for Input in the year the agreement is signed. Input plans to grow and diversify its low cost canola production profile through entering into additional canola streaming contracts with farmers across western Canada.
Input is focused on farmers with quality production profiles, excellent upside yield potential, and strong management teams. Input has completed canola streaming contracts in Northern Alberta, Western Saskatchewan and throughout East Central Saskatchewan.
Forward Looking Statements
This release includes forward-looking statements regarding Input and its business. Such statements are based on the current expectations and views of future events of Input's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Input, including risks regarding the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of Input. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Input undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Input Capital Corp.
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