Legumex Walker Applauds North Dakota Public Service Commission
WINNIPEG, Nov. 22, 2013 /PRNewswire/ - Legumex Walker Inc. (TSX: LWP) today congratulated the North Dakota Public Service Commission ("NDPSC") for voting unanimously to recommend an agreement that pays $685,000 to North Dakota growers. Part of those funds included $480,500 that Legumex Walker owed to the Anderson Seed Company ("ASC") but had held back from ASC at the request of the NDPSC. In addition, Legumex Walker contributed $102,250 to help North Dakota growers.
"We are impressed with the NDPSC," said Joel Horn, President and Chief Executive Officer, Legumex Walker Inc. "They are strongly committed to North Dakota growers and so are we."
"Legumex Walker is a proud member of the North Dakota agricultural community and we have strong relationships with many North Dakota growers, as we have with growers in the Pacific Northwest and Canada," Mr. Horn added. "We work hard to provide growers access to global markets through our worldwide merchandising network, which sells specialty crops and canola to buyers in the United States, Canada and over 70 other countries around the world."
Ben Friesen, Commodity Purchasing Manager for Legumex Walker, said "We expect to purchase over $100 million worth of special crops in North Dakota in the next four to five years, and that's in addition to the canola seed that we purchase for our canola oil division."
The NDPSC announced late this afternoon that they had voted unanimously to recommend an agreement related to the purchase of sunflower seeds by Legumex Walker from ASC early last year. That seed purchase included a representation from ASC that the seed came free of liens and encumbrances. Through many months of thorough discussion, an agreement was reached that allowed the $480,500 that Legumex Walker owed to the ASC to be paid to growers instead. A hearing to approve the agreement is scheduled for early January 2014.
About Legumex Walker Inc.
Legumex Walker is a growth-oriented processor and merchandiser of special crops (sunflower seed, flax and canary seed), pulses (lentils, peas, beans and chickpeas) and canola products. The Company is one of the largest processors of special crops and pulses in Canada. Legumex Walker has 15 processing facilities strategically located in key growing regions in the Canadian Prairie Provinces, the American Midwest, and China, global sales, logistics, and distribution platform and access to multimodal transportation capabilities. In addition, the Company has an 85 percent interest in Pacific Coast Canola, LLC, which operates the first and only commercial-scale canola oilseed processing facility west of the Rocky Mountains.
Cautionary Note on Forward-looking Statements
This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, those with respect to, the growth of the Company's business, including statements with respect to future purchases of special crops and canola. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company (including its operating subsidiaries) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and are based on the assumption that demand for St. Hilaire Seed and Pacific Coast Canola's products will continue at current levels or greater and that special crops and canola from North Dakota will be of comparable quality to that available currently and at competitive prices. Such risks and uncertainties include, among others, the risk that demand for products sold by St. Hilaire Seed Company, Pacific Coast Canola and other LWI subsidiaries will not be as currently anticipated or that price and quality for special crops and canola from North Dakota will not be competitive, weather related risks, the demand for and availability of rail, port and other transportation services, the actual results of harvests, fluctuations in the price of pulses and other crops and canola oil prices, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes, as well as those factors referred to in the section entitled "Risk Factors" in the Company's Management's Discussion and Analysis for the period ended December 31, 2012 and the Company's 2013 Annual Information Form, which are available on SEDAR at www.sedar.com and which should be reviewed in conjunction with this document. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although the Company believes the assumptions inherent in forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this press release. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
SOURCE Legumex Walker Inc.