Membership of the Integrated Grain Processors Co-operative Inc. (“IGPC”) votes in favour of pursuing the sale of the business of IGPC
December 12 2023 - 1:31PM
Urbana Corporation ("Urbana" or the “Corporation”) (TSX and CSE:
URB, URB.A).
Integrated Grain Processors Co-Operative Inc. (“IGPC”) is one of
Urbana Corporation’s private equity holdings.
Urbana Corporation owns approximately an 18% equity stake in
IGPC.
On Wednesday, December 6th, the membership of
IGPC voted in favour of its Board of Directors pursuing the sale of
the business of IGPC.
Any actual sale of IGPC’s business will require
a process of sourcing prospective purchasers, due diligence and the
acceptance of a purchase offer in a final vote, as well as written
approval by IGPC’s membership.
The sale process is expected to take a minimum
of six months.
ABOUT INTEGRATED GRAIN PROCESSORS
CO-OPERATIVE INC.IGPC distills ethanol to blend with
gasoline, reducing carbon emissions from fossil fuels. In 2018,
IGPC completed a significant expansion that doubled its ethanol
production capacity to 380 million litres annually. IGPC converts
corn into ethanol, distillers’ grains (used as an ingredient in
animal feed) and corn oil (used in biodiesel production and as an
animal feed ingredient). As an added benefit, IGPC captures and
sells 125,000 tons of carbon dioxide annually for alternate use,
such as in the food and beverage processing industry.
With nearly 500 members, IGPC is one of the
largest agricultural co-operatives in Ontario, purchasing 900,000
metric tons of Ontario corn annually – about 11% of the provincial
harvest. https://www.igpc.ca
For further information, please contact: Kevin Norton, CEO
knorton@igpc.ca or 519-765-2575 X 228
ABOUT URBANA CORPORATIONUrbana Corporation is a
diversified corporation with a focus on financial services,
information services and innovative technologies.
The long-term goal of Urbana is to seek and
acquire investments for income and capital appreciation through a
combination of public and private investments. The portfolio mix of
actively managed publicly traded securities with private equity
investments has generated significant long-term investment results.
www.urbanacorp.com
On behalf of Urbana’s Board of Directors Thomas
S. Caldwell, C.M.
For further information contact:Elizabeth
NaumovskiInvestor Relations(416) 595-9106
enaumovski@urbanacorp.com
Certain statements in this news release
constitute “forward-looking” statements that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Urbana to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Unless required by applicable securities law, Urbana
does not assume any obligation to update these forward-looking
statements.
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