MINNEAPOLIS, Aug. 23,
2022 /CNW/ - Ceres Global Ag Corp. (TSX: CRP)
("Ceres" or the "Corporation") announced that
Robert Day is stepping down as
President and CEO, effective August 23,
2022. Mr. Day will also resign his Board seat; however, he
will continue to support the company for several months on a
consultative basis.
The Board is pleased to announce that they have unanimously
appointed Carlos Paz as President
and CEO, effective immediately. Mr. Paz joined the company in
January of 2020 as Vice President and Commercial Director where he
has been instrumental in developing the Company's network of
assets. He has over 25 years of experience in a wide variety of
leadership, trading and merchandising roles across North America, Latin
America and Europe. Mr. Paz
will also assume Mr. Day's vacant board seat.
"Leading this company and our dedicated employees since 2016 has
been an immense honor," said Mr. Day. "I look forward to working
with Carlos to ensure a smooth transition and I am confident in his
ability to build upon what Ceres has developed thus far. Especially
in the current environment, Carlos's deep industry expertise,
operational excellence and experience in supply chain management
will prove invaluable as the Company leverages its newly added
assets to create value for its customers."
James Vanasek, Ceres Chairman of
the Board commented, "Firstly, we would like to thank Robert for
his contributions to Ceres over the past 7 years. He has played a
meaningful role in establishing the company as a reliable supply
chain manager and positioning us for the future."
He continued, "We are excited to have Carlos lead Ceres. As head
of our commercial team for the past two and a half years, he is
ready to build upon the strong foundation put in place since 2013
and continue growing our core oats, durum and spring wheat
merchandising businesses as well as further developing our unique
logistics hub located at Northgate, Saskatchewan."
"I am honored and excited to be leading Ceres." Mr. Paz shared.
"I am eager to continue working with our strong network and
building on Ceres' vision to partner with farmers and other
suppliers to enable our customers to do great things in the food,
agriculture and energy markets."
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 13 locations across Saskatchewan, Manitoba, Ontario, and Minnesota. These facilities have an aggregate
grain and oilseed storage capacity of approximately 31 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 Seed Holdings Ltd. (a Canada‐based
seed development company).
For more information about Ceres, please visit
www.ceresglobalagcorp.com
Cautionary Notice: This news release contains
"forward‐looking information" within the meaning of applicable
Canadian securities legislation and United States securities laws. Forward‐looking
information may include, but is not limited to, statements
regarding future operations and results, anticipated business
prospects and financial performance of Ceres and its subsidiaries,
including the plans, costs, timing and capital for the further
development of the Northgate
Commodities Logistics Centre,
expectations or projections about the future,
strategies and goals for growth, expected and future cash
flows, costs, planned capital expenditures, the amount of expected
write-downs, regulatory change, general economic political and
market conditions anticipated capital projects, construction and
completion dates, operating and financial results, critical
accounting estimates, the expected financial and operational
consequences of future commitments. 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 March 31, 2022. 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 weather,
politics and governments, changes in environmental and other laws
and regulations, competitive factors in agricultural, food
processing and feed sectors, construction and completion of capital
projects, labour, equipment and material costs, access to capital
markets, interest and currency exchange rates, technological
developments, global and local economic conditions, the ability of
Ceres to successfully implement strategic initiatives and whether
such strategic initiatives will yield the expected benefits, the
operating performance of the Corporation's assets, the availability
and price of commodities and regulatory environment, processes and
decisions. 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.