MINNEAPOLIS, Oct. 23,
2023 /CNW/ - Ceres Global Ag Corp. (TSX: CRP)
("Ceres" or the "Corporation") a global agricultural, energy and
industrial products merchandising and supply chain company, today
announced that the Corporation has resolved a matter with the
Commodity Futures Trading Commission (the "CFTC").
The Corporation had been cooperating with the CFTC investigation
and a corresponding investigation by the United States Department
of Justice ("DOJ") since 2021. The primary focus of the
investigations was on the Corporation's oat market activities from
over 6 years ago.
The CFTC investigation has been resolved by the Corporation
accepting a settlement order in which the Corporation will pay a
civil monetary penalty. The civil monetary penalty is
consistent with the amount accrued as a legal settlement reserve in
the Corporation's financial statements for the year ended
June 30, 2023.
The Corporation does not currently anticipate any other
charges or fines arising from the DOJ investigation.
"We are glad to have resolved the matter and appreciate the
CFTC's acknowledgement of our cooperation related to these
historical matters," said Chief Executive Officer, Carlos Paz.
About Ceres Global Ag Corp.
Ceres and its subsidiaries add value across agricultural, energy
and industrial supply chains through efficient sourcing, storing,
transporting and marketing of high‐quality agricultural
commodities, value‐added products and raw materials. Leveraging its
network of commodity logistics centers and team of industry
experts, Ceres connects farmers to customers around the world.
Ceres is headquartered in Minneapolis,
Minnesota, and together with its affiliated companies,
operates 11 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate
grain and oilseed storage capacity of approximately 29 million
bushels.
Ceres has a 50% interest in Savage Riverport, LLC (a joint
venture with Consolidated Grain and Barge Co.), a 50% interest in
Berthold Farmers Elevator, LLC (a joint venture with The Berthold
Farmers Elevator Company), a 50% interest in Farmers Grain,
LLC (a joint venture with Farmer's Cooperative Grain and Seed
Association), a 50% interest in Gateway Energy
Terminal (an unincorporated joint venture with Steel Reef
Infrastructure Corp.), a 25% interest in Stewart Southern Railway
Inc. (a short‐line railway located in southeast Saskatchewan with a range of 130 kilometers),
and a 17% interest in Canterra Seeds Holdings Ltd. (a Canada‐based
seed development company).
For more information about Ceres, please visit
www.ceresglobalagcorp.com
Forward-looking Statements
This news release contains "forward-looking information"
within the meaning of applicable Canadian
securities legislation and United States securities laws,
including with respect to the investigations of the CFTC and the
DOJ into the Corporation's oats trading activities, the
Corporation's payment of a civil monetary penalty and
the Corporation's expectation that
no other charges or fines will arise
from the DOJ investigation.
Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", "believes",
"may have implications" or variations of such words and phrases or
statements that certain actions, events or results
"may", "could", "would", "might", or "will be taken", "occur", or
"be achieved". Forward-looking information is based on
the opinions and estimates of management at the date the
information is made and is based on a number of
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results
to differ materially from those projected in the forward-looking
information. Key assumptions upon which such
forward-looking information is based are listed in the
"Forward-Looking Information" section of the MD&A
for the period ended June 30,
2023. Many such assumptions are based on factors
and events that are not within the control of Ceres, and there is
no assurance they will prove to be correct. Factors that could
cause actual results to vary materially from results anticipated by
such forward-looking information include, among others, risks
related to politics and governments and changes in laws,
regulations and policies or in the interpretations thereof.
Although Ceres has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking information, there may be
other factors that cause actions, events or results that are not
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Ceres undertakes no obligation to
update forward-looking information if circumstances or management's
estimates or opinions should change, except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking information.
SOURCE Ceres Global Ag Corp.