Saskatchewan Wheat Pool Inc.

Saskatchewan Wheat Pool Inc.
James Richardson International Limited

James Richardson International Limited

April 06, 2005 11:06 ET

Pool And JRI Create Joint Venture to Operate Their Vancouver Port Terminals





APRIL 6, 2005 - 11:06 ET

Pool And JRI Create Joint Venture to Operate Their
Vancouver Port Terminals

REGINA, SASKATCHEWAN--(CCNMatthews - April 6, 2005) - Saskatchewan Wheat
Pool (TSX:SWP) and James Richardson International Limited (JRI) today
announced their agreement to jointly operate their Vancouver port
terminals. The adjacent facilities are located on the North shore of
Vancouver's Burrard Inlet.

The agreement, which is subject to regulatory approval, provides for
joint administration and operation of the two port terminals. A new
business corporation owned equally by Saskatchewan Wheat Pool and JRI
will be established to act as a joint venture terminal operator and
agent for the two companies. The Pool and JRI will each continue to own
their respective facilities and employees will remain with the parent

"Through this new joint venture, the Pool and JRI will see significant
benefits that will ultimately strengthen our competitive position at
port and within the global marketplace, bringing value to our
destination customers and to the grain handling industry as a whole. It
is consistent with the Pool's strategic priorities to optimize our
footprint and focus on achieving operational excellence in our core
operations. The transaction illustrates our shared commitment to employ
strategies that not only enhance our operations but improve Canada's
export capabilities internationally," said Mayo Schmidt, Pool CEO.

The joint venture between the Pool and JRI will improve operating
efficiencies and increase productivity and throughput potential through
specialization of each facility, which will result in better rail car
utilization and shipping capacity.

"This alliance is a very positive step for the Port of Vancouver
particularly in light of the significant changes that have occurred in
the grain handling and transportation segment over the past number of
years. The joint venture will favourably position the Pool and JRI to
provide cost-competitive service to our customers while adding value
with respect to identity-preserved commodities, product traceability,
food safety and railcar and vessel logistics," said Curt Vossen, JRI

By specializing the two plants by commodity, there will be greater
flexibility when handling Canadian Wheat Board grains and open market
grains such as canola and peas. The new venture will be able to identity
preserve commodities by strategically managing grain flows to either
site. The new company expects to enjoy a more efficient system for
unloading rail cars and to provide increased shipping capabilities with
combined access to three shipping berths. It will manage the facilities
adopting industry "best practice" principles with respect to operational
staffing, training, safety, plant maintenance and customer service.
Start-up for the joint venture is expected in approximately two months

The Pool and JRI expect to create additional synergies in the future, by
linking their adjacent rail yards and joining the tracks to enable the
direct exchange of railcars, allowing for improved logistic management
of grains and oilseeds between the two facilities.

The Pool's wholly owned Vancouver terminal has a licensed capacity of
237,240 metric tonnes and JRI's terminal has a licensed capacity of
108,000 metric tonnes, for a total of 345,240 tonnes of combined

Saskatchewan Wheat Pool also owns a port terminal in Thunder Bay,
Ontario. JRI owns and operates additional port terminal facilities in
Thunder Bay, Port Stanley, and Hamilton, Ontario, and Sorel-Tracy,
Quebec. These facilities are not part of the new joint venture and will
be operated by the parent companies as is normal course.

Saskatchewan Wheat Pool is a publicly traded agribusiness headquartered
in Regina, Saskatchewan. Anchored by a Prairie-wide grain handling and
agri-products marketing network, the Pool channels Prairie production to
end-use markets in North America and around the world. These operations
are complemented by agri-food processing and strategic alliances, which
allow the Pool to leverage its pivotal position between Prairie farmers
and destination customers. The Pool's shares are listed on the Toronto
Stock Exchange under the symbol SWP.

JRI, a subsidiary of James Richardson & Sons Limited, is Canada's
largest privately owned agribusiness. It handles all major grains,
oilseeds, and special crops through farm service centres known as JRI in
Eastern Canada and Pioneer in Western Canada. JRI is also actively
involved in food processing through its subsidiary Canbra Foods, one of
Canada's largest integrated oilseed crushing, processing and packaging


Contact Information

    Saskatchewan Wheat Pool
    Susan Cline
    Investor Relations and Communications
    (306) 569-6948
    James Richardson International Limited
    Jean-Marc Ruest
    Assistant Vice-President, Legal and Industry Affairs
    (204) 934-5488