Lucknow District Co-operative Inc.

Lucknow District Co-operative Inc.

February 01, 2007 10:43 ET

Lucknow Co-op Announces Members Will Share $75,000 Patronage Payment

LUCKNOW, ONTARIO--(CCNMatthews - Feb. 1, 2007) - A successful year for Lucknow District Co-operative means members will receive $75,000 in patronage payments.

The co-operative's board of directors and management presented a profitable 2006 financial statement to members at the co-operative's 62nd annual banquet held at the Lucknow Community Centre on Jan. 19. Members will share $75,000 in 100 per cent cash patronage and receive 4 per cent in stock dividends on Class A preferred shares. In less than 10 years, the Co-operative has distributed cash patronage of approximately $375,000.

The co-operative's General Manager Allan Scott, reported strong sales in all divisions. "Our continuing success is due to the strong support of our customers."

Members elected Donna Moffatt of R.R. 5, Lucknow, Grant Gilchrist of R.R. 5, Lucknow and Greg Hackett of R.R.3, Lucknow to the board of directors, each for their first three-year term, and re-elected Burt Hodgins of R.R.2, Kincardine for a second three-year term.

Retiring directors Doug Miller of R.R.2, Lucknow, Simon Logtenburg of R.R. 1, Dungannon and Terry Zinn of R.R. 7, Lucknow were each recognized for completing six consecutive years of service on the board, the maximum allowed under the co-op's by laws . Remaining on the board are Ken Phillips of R.R. 3, Lucknow, Fred deBoer of R.R.5, Lucknow, David Gibson of R.R.1, Ripley and Larry Henderson of R.R.3, Lucknow. Following the annual meeting, directors elected Gibson to succeed Miller as president.

Lucknow District Co-operative Inc. located on Huron County Road #1, south of Lucknow was established in 1944. The co-operative provides customers of Huron and Bruce Counties with livestock feed, agronomy products and services, consumer goods, including hardware and clothing, and petroleum products and services and offers customers AIR MILES® reward miles on qualifying purchases. Lucknow District Co-operative Inc. is a shareholder-owner of GROWMARK, Inc. and markets products and services under the FS banner.

® Trademark of AIR MILES International Trading B.V. Used under licence by Loyalty Management Group Canada, Inc. and the LUCKNOW District Co-operative Inc..

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