Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Corporation”) provided an update today on the status of the pending action commenced by The Scoular Company (“Scoular”) in the United States District Court of the District of Minnesota in 2014. In the action, Scoular is seeking injunctive relief and damages relating to Ceres' termination of the proposed joint development and construction of a grain facility at the Corporation’s Northgate Commodity Logistics Centre on the grounds of breach of contract, tortious interference with contract, promissory estoppel, and unjust enrichment.
On August 16, 2017, the Court rendered a decision on a motion brought by Ceres for summary judgment on the action and on a motion to exclude certain expert evidence filed by Scoular with respect to Scoular's alleged damages, which estimated Scoular's lost profit from Ceres' termination of negotiations with Scoular at US$66 million. In its decision, the Court denied both of Ceres's motions and established a schedule for the trial of the action before a jury. The trial is currently scheduled for commencement on October 23, 2017.
Ceres intends to vigorously defend the action at trial.
