Warkworth Co-operative Services

Warkworth Co-operative Services

October 26, 2006 16:12 ET

Board of Directors Decide to Wind up Warkworth Co-operative

WARKWORTH, ONTARIO--(CCNMatthews - Oct. 26, 2006) - Warkworth Co-operative Services will be closing at the end of next week, announced its board of directors today.

The co-operative has sites in Norwood and Warkworth, and focuses on agronomy, livestock feed, fuel products and services and has farm hardware and related goods at its stores.

The board made its decision last week. "It was a difficult conclusion, but we felt it was the best option for our members and to prevent erosion of the company's value," says President David Glover.

He adds that the company suffered through the loss of the dairy farms in the area, and the downturn of crop prices squeezed the amount of money producers could pay for agronomy inputs.

The board of directors has enlisted the services of Alan Lawson, Fisher Inc. (trustee) to windup the affairs of the company. The trustee will contact investors and creditors with options. The board has written its members, and Acting General Manager Bill Demerling has met with employees of the company to inform them of the closure.

"This company has been part of the community since the forties, and it is with sadness this decision must be made," Glover says. "We thank those who have supported us in the past."

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