/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
TORONTO, March 29, 2021 (GLOBE NEWSWIRE) -- 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
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. www.urbanacorp.com
On behalf of Urbana’s Board of Directors
Thomas S. Caldwell, C.M.
For further information, please contact: Elizabeth Naumovski, Investor Relations
enaumovski@urbanacorp.com 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.