Ag Growth International Inc.

Ag Growth International Inc.

June 09, 2009 09:00 ET

Ag Growth International Announces June Dividend

WINNIPEG, MANITOBA--(Marketwire - June 9, 2009) - Ag Growth International Inc. ("Ag Growth") (TSX:AFN) today announced its cash dividend for the month of June 2009 of $0.17 per common share. The dividend will be payable on July 30, 2009 to shareholders of record on June 30, 2009. This dividend is an eligible dividend for Canadian income tax purposes. Ag Growth's current annualized cash dividend rate is $2.04 per share.

Ag Growth completed its conversion from an income trust to a corporation on June 3, 2009. Consistent with its predecessor, Ag Growth Income Fund, commencing in August 2009 Ag Growth expects to return to the practice of announcing three or more monthly dividends in conjunction with its quarterly earnings releases.

Company Profile

Ag Growth is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories and grain aeration equipment. Ag Growth's sales, marketing, and distribution system is comprised of approximately 1,400 dealers and distributors that distribute product in 48 states, nine provinces, and overseas.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to dividends and the payment thereof. Ag Growth believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to Ag Growth, including information obtained from third party sources and include the historic performance of Ag Growth's businesses, current economic trends, utilization of tax basis, currency, exchange and interest rates, trading data and cost estimates. You are cautioned that the preceding list of assumptions is not exhaustive.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Ag Growth's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the risks identified in the Annual Information Form of Ag Growth's predecessor, Ag Growth Income Fund, under the heading "Risk Factors". Without limitation, the amount of cash dividends to be paid on the Ag Growth common shares, if any, in the future will be subject to the discretion of the board of directors and may vary depending on a variety of factors, including the prevailing economic and competitive environment, results of operations, fluctuations in working capital, Ag Growth's ability to raise capital, the amount of capital expenditures and other conditions existing from time to time. There can be no guarantee that Ag Growth will maintain its current dividend policy. Any forward-looking information is made as of the date hereof and, except as required by law, Ag Growth assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Contact Information

  • Ag Growth International Inc.
    Steve Sommerfeld
    Investor Relations
    (204) 489-1855