AGRIS Co-operative Ltd.

AGRIS Co-operative Ltd.

January 21, 2008 12:23 ET

AGRIS Co-operative Announces Record Income

CHATHAM, ONTARIO--(Marketwire - Jan. 21, 2008) - A profit that exceeded budget projections for 2007 was reported by AGRIS Co-operative Ltd. Board President Richard Tanner to the co-operative's members at it's annual meeting held at the Wheels Inn, in Chatham.

AGRIS Co-operative recorded combined sales of more than $119 million for fiscal 2007. Based on these results, Tanner announced that the board of directors declared a patronage rebate of $325,000 which will be issued in a combination of shares and cash redemptions to the members of AGRIS Co-operative. Patronage will be calculated based on members' purchases and grain sold.

"I am very pleased to report that 2007 was an excellent year for our co-operative. Our business this year exceeded expectations, demonstrating the strong support of our members and customers and we thank them for their business," says Tanner.

Tanner announced that as a result of the expanded petroleum joint venture with UPI Energy LP into all AGRIS Co-operative's trading areas, all fuel business will be patronage eligible. The same will apply to grain and crop input supplies. AGRIS Co-operative continues to support the development of renewable energy and is a retailer of DIESEL3000® in south-west Ontario which is a blend of high quality diesel fuel and methyl ester produced from soybean oil.

AGRIS Co-operative General Manger Jim Campbell provided members with an operational report detailing specific financial results and market trends by commodity. "Fiscal 2007 resulted in improved financial results for your co-operative. I believe AGRIS remains well positioned to continue to be a successful co-operative for the future," says Campbell.

As part of the annual meeting, members voted and filled four open director positions for the AGRIS Board of Directors. Re-elected were Stan Gillier from Chatham, David Malott from Muirkirk, Larry Pajot from Windsor and Paul Repko from Kingsville, all serving a three-year term.

The members of AGRIS Co-operative Ltd. are pleased to announce that their board of directors have re-elected Glencoe area farmer, Richard Tanner as president for 2008. Tanner has served on the co-operative board since 1997. He is past vice president of the Orford Co-operative board and past chairman of the finance committee. John Sauve of Cottam was elected vice-president and David Malott of Muirkirk was elected as the co-operative's board secretary.

AGRIS Co-operative Ltd. is a one-hundred-per-cent farmer-owned grain marketing and farm-input supply company and serves more than 1,200 farmer members in 14 locations in Essex, Kent, Elgin, Middlesex and Lambton Counties. It is a leader in precision farming technology, seed, agronomy and petroleum services. The co-operative is majority owner of Wheatley Elevators specializing in identity preserved grain markets and part owner of Great Lakes Grain Inc., a grain merchandising company. AGRIS Co-operative is a member-owner of GROWMARK, Inc. and markets products and services under the FS banner. Visit www.agris.coop and www.fssystem.com for more information.

DIESEL3000 is a Registered Trade Mark of UPI Inc., used under License.

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