CERES GLOBAL ANNOUNCES LETTER OF INTENT TO ACQUIRE 50% INTEREST IN BERTHOLD FARMERS ELEVATOR, LLC
Minneapolis, MN (March 15, 2022) – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) a global agricultural, energy and industrial products merchandising and supply chain company, announced today that its wholly owned subsidiary, Riverland Ag Corp. (“Riverland”), has entered into a letter of intent to acquire Columbia Grain International’s 50% membership interest in Berthold Farmers Elevator, LLC, a grain originator and merchandiser with locations in Berthold, N.D. and Carpio, N.D. (“BFE”). Riverland will pay cash for the investment, coming from working capital and available debt capacity. The other 50% membership interest in BFE is owned by Berthold Farmers Elevator Company (“BFEC”), a farmer cooperative also based in Berthold, N.D.
The letter of intent contains a binding purchase option exercisable by Riverland through April, 29, 2022, by which date the transaction is expected to close.
“Becoming a joint venture owner with Berthold Farmers Elevator Company advances our strategy to partner with growers and increase origination of our core products,” said Mr. Robert Day, President and Chief Executive Officer at Ceres. “We look forward to connecting the hundreds of growers who make up the co-op in Berthold with Ceres and Riverland’s customers and collaborating with all parties to bring solutions, starting from the farmgate and ending with consumers in the U.S. and internationally.”