AGRIS Co-operative Ltd.

AGRIS Co-operative Ltd.
FS

FS

January 19, 2010 07:00 ET

AGRIS Co-operative Returns $500,000 in Patronage to Its Farmer Owners

CHATHAM, ONTARIO--(Marketwire - Jan. 19, 2010) - An income before tax of $2.3 million for 2009 was reported by AGRIS Co-operative Ltd. board president, David Malott to the co-operative's shareholders at its annual meeting held at Club Lentinas, in Chatham.

AGRIS Co-operative recorded agronomy sales of more than $57 million for fiscal 2009. Based on these results, Malott announced that the board of directors declared a cash patronage of $250,000 and will issue new shares in the amount of $250,000 to their owners. In addition more than $420,000 in interest was paid to the AGRIS investors. Patronage will be calculated based upon members' purchases and grain sold.

In his year-end report, David Malott told members that previously, shareholders were referred to as members and in reality are the "owners" of the co-operative. "Therefore, starting with this fiscal year we will be using the term "owners" to refer to our member-shareholders," said Malott.

AGRIS Co-operative general manager Jim Campbell reviewed the operational highlights of 2009 for owners with a detailed review of fertilizer, seed, crop protection and grain sales through Great Lakes Grain. "Completing the restructuring of Great Lakes Grain provided access to an improved financing package. This improved financing allowed AGRIS to reduce its overall investment in Great Lakes Grain resulting in an important reduction in AGRIS expense interest," says Campbell.

The election of directors for the co-operative was held and re-elected to a three year term from the Cottam area were John Sauve, Scott McGeachy from Chatham, Ray Simard from Maidstone and newly elected from the Thamesville area were Jim Anderson and David Sherman. The board of directors met immediately after the meeting and conducted the election of officers. The following were re-elected; as president- David Malott, vice-president- Larry Pajot and secretary - Pat Vanheule.

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 partner of Great Lakes Grain, a grain merchandising company. AGRIS Co-operative is a member-owner of GROWMARK, Inc. and markets products and services under the FS banner.

Visit http://www.agris.coop and www.fssystem.com for more information.

Contact Information

  • AGRIS Co-operative Ltd.
    Jim Campbell
    General Manager
    (519) 354-7178
    jimc@agris.coop
    or
    Southern Co-operative Services
    Terry Stevenson
    Communications Manager
    (519) 438-1882
    terrys@scscoop.com