Urbana Corporation increases its investment in Integrated Grain Processors Co-operative Inc. to add to its Innovative Technologies Portfolio
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TORONTO, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Since its initial March 2021 equity investment in Integrated Grain Processors Co-operative Inc. ("IGPC"), Canada's largest cooperatively owned fuel ethanol producer, Urbana Corporation ("Urbana") (TSX and CSE: URB, URB.A) has continued to increase its equity stake in IGPC. Urbana is pleased to announce its September and October 2022 purchases of an additional 176,798 IGPC Class E preferred shares (“Class E shares”) from existing shareholders. Urbana now holds a 17.6% equity stake in IGPC.
This additional investment in IGPC increases Urbana's commitment to companies focused on innovative technologies.
"In the effort to reduce emissions from fossil fuels, IGPC is a leader as one of the most environmentally advanced fuel ethanol producers in North America,” said Thomas S. Caldwell, Chairman of Urbana. "We have been very pleased with our partnership with IGPC, especially at this challenging time for global energy supplies, and look forward to participating in the growth and transformation of IGPC’s business for years to come.”
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 renewable diesel 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 industries.
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% of the provincial harvest.
For further information, please contact: Ashton Nembhard, CEO & CFO
or 519-765-2575 X 261
ABOUT URBANA CORPORATION
Urbana 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.
On behalf of Urbana’s Board of Directors
Thomas S. Caldwell, C.M.
For further information, please contact: Elizabeth Naumovski, Investor Relations
or 416-595-9106
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.
