MINNEAPOLIS, Dec. 10,
2024 /CNW/ - Ceres Global Ag Corp. (TSX: CRP)
("Ceres" or the "Corporation") today announced that
Mr. Carlos Paz has resigned as the
President and Chief Executive Officer and a director of the
Corporation effective December 31,
2024 to pursue an alternative opportunity.
"We thank Carlos for leading the Corporation since August 2022 and for his prior contributions as
Vice President and Commercial Director," commented James Vanasek, Chairman of the Board of
Directors of the Corporation (the "Board"). "Carlos has
played an important role in positioning the Corporation for future
growth and we wish him all the best in his future endeavors."
The Board has appointed Mr. Tom
Coyle as Interim President and Chief Executive Officer
effective January 1, 2025. Mr. Coyle
serves as an advisor to the Board, and previously served on the
Board as a director between October
2022 and March 2023. Mr. Coyle
brings over 45 years of experience working in agriculture to Ceres'
management team in the areas of operations, trading, business
development, administration and management. The Board is confident
that Mr. Coyle is well positioned to lead Ceres, advance the
Corporation's strategic initiatives and oversee day-to-day
operations of the Corporation while the Board engages in a process
to identify a permanent Chief Executive Officer.
About Ceres Global Ag Corp.
Ceres and its subsidiaries add value across agricultural, energy
and industrial supply chains through efficient sourcing, storing,
transporting and marketing of high‐quality agricultural
commodities, value‐added products and raw materials. Leveraging its
network of commodity logistics centers and team of industry
experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Golden
Valley, Minnesota, and together with its affiliated
companies, operates 11 locations across Saskatchewan, Manitoba, and Minnesota. These facilities have an aggregate
grain and oilseed storage capacity of approximately 29 million
bushels. The Corporation also owns membership interests in three
agricultural joint ventures that have an aggregate grain and
oilseed storage capacity of approximately 16 million bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint
venture with Consolidated Grain and Barge Co.), a 50% interest in
Berthold Farmers Elevator, LLC (a joint venture with The Berthold
Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a
joint venture with Farmer's Cooperative Grain and Seed
Association), a 50% interest in Gateway Energy Terminal (an
unincorporated joint venture with Steel Reef Infrastructure Corp.),
and a 25% interest in Stewart Southern Railway Inc. (a short‐line
railway located in southeast Saskatchewan with a range of 130
kilometers).
For more information about Ceres, please visit
www.ceresglobalagcorp.com
Forward-looking Statements
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, 2024. 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
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.
SOURCE Ceres Global Ag Corp.
