WINNIPEG, Nov. 22, 2013 /CNW/ - Legumex Walker Inc. (TSX: LWP) today
congratulated the North Dakota Public Service Commission ("NDPSC") for
voting unanimously to recommend an agreement that pays $685,000 to
North Dakota growers. Part of those funds included $480,500 that
Legumex Walker owed to the Anderson Seed Company ("ASC") but had held
back from ASC at the request of the NDPSC. In addition, Legumex Walker
contributed $102,250 to help North Dakota growers.
"We are impressed with the NDPSC," said Joel Horn, President and Chief
Executive Officer, Legumex Walker Inc. "They are strongly committed to
North Dakota growers and so are we."
"Legumex Walker is a proud member of the North Dakota agricultural
community and we have strong relationships with many North Dakota
growers, as we have with growers in the Pacific Northwest and Canada,"
Mr. Horn added. "We work hard to provide growers access to global
markets through our worldwide merchandising network, which sells
specialty crops and canola to buyers in the United States, Canada and
over 70 other countries around the world."
Ben Friesen, Commodity Purchasing Manager for Legumex Walker, said "We
expect to purchase over $100 million worth of special crops in North
Dakota in the next four to five years, and that's in addition to the
canola seed that we purchase for our canola oil division."
The NDPSC announced late this afternoon that they had voted unanimously
to recommend an agreement related to the purchase of sunflower seeds by
Legumex Walker from ASC early last year. That seed purchase included a
representation from ASC that the seed came free of liens and
encumbrances. Through many months of thorough discussion, an agreement
was reached that allowed the $480,500 that Legumex Walker owed to the
ASC to be paid to growers instead. A hearing to approve the agreement
is scheduled for early January 2014.
About Legumex Walker Inc.
Legumex Walker is a growth-oriented processor and merchandiser of
special crops (sunflower seed, flax and canary seed), pulses (lentils,
peas, beans and chickpeas) and canola products. The Company is one of
the largest processors of special crops and pulses in Canada. Legumex
Walker has 15 processing facilities strategically located in key
growing regions in the Canadian Prairie Provinces, the American
Midwest, and China, global sales, logistics, and distribution platform
and access to multimodal transportation capabilities. In addition, the
Company has an 85 percent interest in Pacific Coast Canola, LLC, which
operates the first and only commercial-scale canola oilseed processing
facility west of the Rocky Mountains.
Cautionary Note on Forward-looking Statements
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to, those with
respect to, the growth of the Company's business, including statements
with respect to future purchases of special crops and canola. Forward-looking statements
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the
Company (including its operating subsidiaries) to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements and are based on
the assumption that demand for St. Hilaire Seed and Pacific Coast
Canola's products will continue at current levels or greater and that
special crops and canola from North Dakota will be of comparable
quality to that available currently and at competitive prices. Such
risks and uncertainties include, among others, the risk that demand for
products sold by St. Hilaire Seed Company, Pacific Coast Canola and
other LWI subsidiaries will not be as currently anticipated or that
price and quality for special crops and canola from North Dakota will
not be competitive, weather related risks, the demand for and
availability of rail, port and other transportation services, the
actual results of harvests, fluctuations in the price of pulses and
other crops and canola oil prices, failure of plant, equipment or
processes to operate as anticipated, accidents, labor disputes, as well
as those factors referred to in the section entitled "Risk Factors" in
the Company's Management's Discussion and Analysis for the period ended
December 31, 2012 and the Company's 2013 Annual Information Form, which
are available on SEDAR at www.sedar.com and which should be reviewed in conjunction with this document.
Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Although the Company believes the
assumptions inherent in forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only
apply as of the date of this press release. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except in accordance with applicable
SOURCE: Legumex Walker Inc.
For further information:
INVESTOR & MEDIA RELATIONS:
Investor Relations - Legumex Walker
(416) 815-0700 ext. 257