Issues of Concern to NFA Members:
CORN PRODUCERS ANNOUNCE FORMATION OF NEW ETHANOL CO-OPERATIVE
by Integrated Grain Processors Co-operative Inc.
Integrated Grain Processors Co-operative Inc.
172 Argyle Street North
Caledonia, Ontario N3W 2J7
NEWS RELEASE
For Immediate Release April 12, 2002
The founding Board of Directors of Integrated Grain Processors Co-operative Inc. today announced the incorporation of Ontario's newest ethanol co-operative. The goal of Integrated Grain Processors (IGP) is to add value to producers' corn and grains through the manufacture of ethanol.
IGP will be undertaking a comprehensive feasibility study to determine the economic viability of a major ethanol-manufacturing facility in Southern Ontario. A positive feasibility study would also determine the size, location, and type of facility to be built. The proposed ethanol facility, estimated to cost between $50 and $70 million, would provide a major new market for Ontario corn.
"The launching of Integrated Grain Processors Co-operative is important for all corn and grain producers in this Province," explains Tom Cox, President of the newly formed Co-op. " Rather than being at the mercy of commodity prices, we'll be able to diversify our risks by participating in a significant value-added industrial process."
IGP plans to explore opportunities for establishing joint ventures or strategic alliances with companies involved in the distribution of ethanol and the co-products of ethanol manufacture. Prospective partners of the Co-operative will be approached over the coming months. The Co-operative is the outcome of efforts by Brant Agri-Business to boost farmers' incomes and support rural economic development.
Founding Directors of IGP are Cox, Brent McBlain (Vice President), Scott Cranston (Secretary-Treasurer) Doug Burt, Larry Davis, Barry Hill, Joe Kloepfer, Steven Smith, and Mark Comley. The Co-operative has retained the services of co-op consultant George Alkalay of Northfield Ventures Ltd.
Interest in ethanol as an environmentally friendly fuel additive continues to grow across North America as both Governments and consumers seek sustainable solutions to global warming and air pollution. More than 240 million litres of ethanol were produced in Canada in 2001, while nearly seven billion litres were produced in the United States in the same year.
For more information, please contact: Tom Cox, Chair 1-866-866-3166
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