Urbana Corporation Announces Investment in Integrated Grain Processors Co-operative Inc. to Expand its Innovative Technologies Portfolio
GlobeNewswire - Mon Mar 29, 12:50PM CDT
Urbana Corporation ("Urbana") (TSX and CSE: URB, URB.A) is pleased to announce the purchase of 1,400,999 shares of IGPC Class E preferred shares representing 12.78% of the equity of Integrated Grain Processors Co-operative Inc. ("IGPC"), Canada's largest cooperatively owned fuel ethanol producer, from existing shareholders.
In addition, Urbana previously purchased $1 million in IGPC's 7% debentures maturing July 31st, 2023. As well as helping the environment through funding the reduction of fossil fuel emissions, Urbana's investment in IGPC supports Ontario's farmers and the rural Ontario economy.
Urbana's investment in IGPC adds to its portfolio of companies focused on innovative technologies.
"As one of the most environmentally advanced fuel ethanol producers in North America, IGPC is important in the effort to reduce emissions from fossil fuels," said Thomas S. Caldwell, Chairman of Urbana. "We are very excited about Urbana's investment in IGPC and the possibilities for its recent plant expansion as travel becomes realistic again."
ABOUT INTEGRATED GRAIN PROCESSORS CO-OPERATIVE INC.
IGPC distills ethanol to blend with gasoline, reducing carbon emissions from fossil fuels. IGPC recently 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 over 500 members, IGPC is one of the largest agricultural co-operatives in Ontario, purchasing 900,000 metric tons of Ontario corn annually - about 11 per cent of the provincial harvest. https://www.igpc.ca
For further information, please contact: Ashton Nembhard, CEO & CFO
anembhard@igpc.ca or 519-765-2575 X 261