Ceres Global Ag announces trial date set for the Scoular Litigation
TORONTO (Canada), April 19, 2018 – Ceres Global Ag Corp. (“Ceres” or the “Company”) (TSX: CRP) today announced that court proceedings for the previously announced pending action commenced by The Scoular Company (“Scoular”) in the United States District Court of the District of Minnesota are set to commence October 9, 2018. In the action, Scoular is seeking injunctive relief and damages relating to 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.
The trial is scheduled to be held at the United States District Court in Minneapolis and will be a trial by jury.
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through its network of commodity logistics centers and team of industry experts, Ceres Global Ag Corp. procures and provides North American agricultural commodities & value added products, industrial products, fertilizer, energy products and reliable supply chain logistics services to customers worldwide.
Ceres operates six locations, Duluth, MN; Minneapolis, MN; Savage, MN; Shakopee, MN; Northgate, Saskatchewan and Port Colborne, Ontario, and is headquartered in Minneapolis, MN. Its wholly-owned facilities throughout North America have an aggregate grain and oilseed storage capacity of approximately 34.4 million bushels.
Ceres also has a 25% interest in a short-line railway located in southeast Saskatchewan with a range of 130 kilometers, and a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed development company.
For more information please contact:
Heidi Christensen Brown
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 future operations and results, anticipated business prospects and financial performance of Ceres and its subsidiaries, including the plans, costs, timing and capital for the further development of the Northgate Commodities Logistics Centre, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, regulatory change, general economic political and market conditions anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates, the expected financial and operational consequences of future commitments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “may have implications” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will 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. Key assumptions upon which such forward-looking information is based are listed in the “Forward-Looking Information” section of the MD&A for the period ended September 30, 2017. Many such assumptions 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. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the ability of Ceres to successfully defend the claim by The Scoular Corporation, the operating performance of the Corporation’s assets, the availability and price of commodities and regulatory environment, processes and decisions. Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. 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.