Ceres Global Ag Corp. Completes Formation of Grain Merchandizing Joint Venture in Thief River Falls, MN with Farmer's Cooperative Grain and Seed Association
Farmers Grain, LLC to enhance region's grain handling capacity
MINNEAPOLIS, MN, Feb. 11, 2021 /CNW/ - Ceres Global Ag Corp. (TSX: CRP) ("Ceres Global" or the "Company"), a global agricultural, energy and industrial products merchandizing and supply chain company, announced today that its subsidiary, Riverland Ag Corp. ("Riverland") and Farmer's Cooperative Grain and Seed Association ("FCGS") have completed the formation and establishment of Farmers Grain, LLC, which includes a grain merchandising facility based in Thief River Falls, Minnesota (the "Joint Venture"). The Joint Venture will commence an expansion project in the spring of 2021 designed to enable loading unit trains within 18 months. The facility will be serviced by Canadian Pacific ("CP") and FCGS will continue to operate its non-grain merchandising businesses independent of the operation of the Joint Venture.
"Completion of the joint venture with FCGS in Thief River Falls continues the meaningful progress we've made around our goal to add strategic origination of our core products while also expanding our geographic footprint in the upper Midwest region of the U.S.," said Mr. Robert Day, President and Chief Executive Officer at Ceres. "We welcome the FCGS employees who will staff the Joint Venture and sincerely look forward to working with the hundreds of grower-members of FCGS and other growers in Northwest, MN to connect with Ceres and Riverland's end–use customers."
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through its network of commodity logistics centers and team of industry experts, Ceres and its subsidiaries ("Ceres Global") merchandizes high-quality North American agricultural commodities and value-added products and provides reliable supply chain logistics services to agricultural, energy and industrial customers worldwide.
Ceres Global is headquartered in Minneapolis, Minnesota, and together with its affiliated companies, operates 14 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of over 32 million bushels.
Ceres Global has a 50% interest in Savage Riverport, LLC, a joint venture with Consolidated Grain and Barge Co., a 50% interest in Farmers Grain, LLC, a joint venture with Farmer's Cooperative Grain and Seed Association, a 50% in Gateway Energy Terminal, a joint venture with Steel Reef Infrastructure Corp., a 25% interest in Stewart Southern Railway Inc., a short-line railway located in southeast Saskatchewan with a range of 130 kilometers, and a 17% interest in Canterra Seed Holdings Ltd, a Canada-based seed development company.
For more information about Ceres Global, please visit www.ceresglobalagcorp.com
About Farmer's Cooperative Grain and Seed Association (farmerscooptrf.com)
Established in 1940, FCGS provides a broad range of agricultural products and services to producers, customers and patrons, including grain merchandising and storage, agronomy services, seed products and trucking services. FCGS' patron base consists of over 400 growers across a 3-county area.
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 the timing and completion of the Private Placement and the proposed use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "intends," "anticipates," "believes" or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would" or "might," "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. 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.
Robert Day, President and Chief Executive Officer, Ceres Global Ag Corp., 952-746-6824, [email protected]; Trevor Heisler, NATIONAL Capital Markets, 416-848-1434, [email protected]
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