Ceres Global Ag and CGB Terminate Agreement For Purchase of Savage, MN Grain Storage Facility
Date Posted: June 5, 2014
Toronto—Ceres Global Ag Corp. ("Ceres" or the "Company") (TSX: CRP) June 5 announced that its wholly owned subsidiary, Riverland Ag Corp. ("Riverland"), and Consolidated Grain and Barge Co. ("CGB"), a wholly owned subsidiary of CGB Enterprises, Inc., have mutually agreed to terminate their agreement to sell Riverland's Savage, Minnesota grain storage facility to CGB.
"We remain focused on continuing to improve operations at Riverland including optimizing our capacity and increasing our turnover," said Michael Detlefsen, President and CEO of Ceres.
"At the same time we are developing additional business opportunities at the Stewart Southern Railway and completing construction on the initial phase of the Northgate Commodities Logistics Centre."
CGB continues to lease storage space at the Savage elevator, and the companies continue to work together to expand their business relationship in the Upper Midwest.
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