AGRIS Co-operative Ltd.

AGRIS Co-operative Ltd.
FS

FS

January 13, 2011 13:19 ET

AGRIS Co-Operative Returns $500,000 in Patronage to Its Farmer Owners for Second Straight Year

CHATHAM, ONTARIO--(Marketwire - Jan. 13, 2011) - An income before tax of $2.1 million for 2010 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 total sales of nearly $50 million for fiscal 2010. Based on these results, Malott announced for the second straight year, 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, Malott told owners that, "Your co-operative is celebrating 90 years of serving its owners. It has embraced and prospered from change because the owners are active and engaged in the affairs of the co-operative."

As an example, in fiscal 2010 the board of directors recognized an opportunity in the provinces Green Energy Act and sponsored the formation of a new co-operative called AGRIS Solar Co-operative Inc. "You must embrace change or else be left in a cloud of dust sitting beside the road," says Malott.

AGRIS Co-operative general manager Jim Campbell reviewed the operational highlights of 2010 for owners with a detailed review of fertilizer, seed, crop protection and grain sales through Great Lakes Grain. Campbell also detailed the continued focus to owners this year of the co-operatives, "Whole Farm Plan". "This approach by our field staff is focused on making recommendations to achieve the return to land, labour and equipment objectives of our customers," says Campbell. "This has resulted in a heightened recognition of the role that yield and grain marketing play in achieving an appropriate return at the farm level," added Campbell.

The annual meeting also marked the retirement of David Malott from the board of directors, after more than 30 years of involvement with the co-operative. The election of four directors for the co-operative was held and re-elected to a three year term was Larry Pajot from the Windsor area, Paul Repko from Kingsville and newly elected was Richard Tanner from Appin and Krin Dieleman from Wallacetown. The board of directors met immediately after the meeting and conducted the election of officers. The following were elected; as president- Larry Pajot, vice-president – Jim Maw and secretary - Pat Vanheule.

AGRIS Co-operative Ltd. is a one-hundred-per-cent farmer-owned grain marketing and farm-input supply company that serves 1,200 farmer owners 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 a 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