Ceres Global Ag Corp.

Ceres Global Ag Corp.

August 02, 2011 10:48 ET

Ceres Global Ag Corp. Announces Acquisition of Wisconsin Grain Storage Facility

TORONTO, ONTARIO--(Marketwire - Aug. 2, 2011) - Ceres Global Ag Corp ("Ceres") (TSX:CRP) is pleased to announce that its 100% owned subsidiary, Riverland Ag Corp ("Riverland Ag") has acquired the Manitowoc grain storage and malting facility from Anheuser-Busch InBev of Leuven, Belgium, effective July 29, 2011.

The Manitowoc facility includes 4.5 million bushels of grain storage capacity, with access to marine, rail and trucking modes of transportation, and several old malt houses, all of which were disabled prior to closing.

"The timely acquisition of Manitowoc provides us with some excellent assets in Wisconsin to complement our existing network of storage operations," said Don Grambsch, President and CEO of Riverland Ag.

"These top-notch handling and storage facilities, combined with the high quality and consistency of local crop production, provide us with exciting growth opportunities for our supply chain management business with leading food and beverage companies," said Michael Detlefsen, President of Ceres.

This transaction is expected to be accretive to earnings.

Ceres would also like to announce that its March 31, 2011 Annual Report has been posted to its website at www.ceresglobalagcorp.com and to SEDAR.

Ceres Global Ag Corp. Profile

Ceres owns 100% of Riverland Ag, and has significant capital available to invest in the growth of this and related businesses. Riverland Ag is an agricultural grain storage and supply chain business operating 15 grain storage facilities in Minnesota, North Dakota, Wyoming, Wisconsin, New York and Ontario, Canada with a total storage capacity of 55 million bushels. Riverland Ag customers include leading food and beverage companies. In addition, a significant number of its facilities act as delivery locations for certain futures contracts on the Minneapolis and Chicago exchanges.

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risks and uncertainty and the Corporation's future actual results could vary materially from those expressed or implied in such statements. Reference should be made to the Corporation's unaudited interim consolidated financial statements, its interim management discussion and analysis, its most recent audited annual financial statements or the initial public offering prospectus dated December 13, 2007 for a description of the major risk factors.

Contact Information

  • Ceres Global Ag Corp
    Jason Gould
    Chief Financial Officer
    (416) 915-2426