Ceres Global Ag Corporation Announces Agreement to Sell its Manitowoc Grain Storage Facility
Toronto, ON, March 20, 2014 – Ceres Global Ag Corp. (“Ceres” or the “Company”) (TSX: CRP) today announced that its 100% owned subsidiary, Riverland Ag Corp (“Riverland”), has entered into an agreement to sell its Manitowoc, Wisconsin grain storage facility to Briess Malt and Ingredients Company of Chilton, Wisconsin. The transaction is expected to close before the end of Ceres’ next quarter.
“This is a key milestone in our plan to transform Riverland into an active grain trading and merchandising company, while optimizing Riverland’s grain elevator capacity through selective asset sales,” said Michael Detlefsen, President and CEO of Ceres. “It is also a critical step in re‐allocating capital to fund the Northgate Project.”
Gross proceeds from the sale of the Manitowoc facility will be $6.2 million. Under the terms of the sale, Ceres, through Riverland, will lease back from Briess one million bushels of storage capacity at Manitowoc for a three‐year term.
“Riverland’s strategic partnership with Briess Industries is further enhanced with the sale of Manitowoc and Riverland will continue to serve its Wisconsin & Illinois grain customers from leased space at the facility,” said Craig Reiners, President and CEO of Riverland Ag.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Ceres Global Ag Corp. is a Toronto‐based agriculture and commodity logistics holding company with two main investment areas: a Grain Storage, Handling and Merchandising unit, anchored by its 100% ownership of Riverland Ag Corp.; and a Commodity Logistics unit, containing its 25% interest in Stewart Southern Railway Inc. and its development of the Northgate, SK Commodity Logistics Hub. Riverland Ag Corp. is a collection of ten (10) grain storage and handling assets in Minnesota, New York, Wisconsin and Ontario having aggregate storage capacity of approximately 51 million bushels. Riverland Ag also manages two (2) facilities in Wyoming on behalf of its customer‐owner. The Stewart Southern Railway Inc. is a 130‐km long short‐line railway that operates in Southeastern Saskatchewan. The Northgate Commodity Logistics Hub is a $90 million grain, oil and oilfield supplies transloading site being developed in conjunction with Riverland Ag and several potential energy company partners, connected to the Burlington Northern Santa Fe Railroad and expected to open in the Summer of 2014. Ceres common shares trade on the Toronto Stock Exchange under the symbol “CRP”.
For more information please contact:
President & CEO
Ceres Global Ag Corp.
(416) 815‐0700 ext. 238
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