Shareholders Approve The Sale Of Substantially All Of The Assets Of North East Terminal LTD.
April 6, 2011 (Wadena, Saskatchewan)
The Board of Directors of North East Terminal Ltd. (“NET”) announced that at a special meeting of shareholders of NET held on April 6,
2011 the shareholders approved the sale of substantially all of NET’s assets (the “Proposed
Transaction”) to Richardson International Limited (“Richardson”) pursuant to the terms of an
asset purchase agreement dated effective March 9, 2011 between NET and Richardson (the
“Asset Purchase Agreement”).
The purpose of the Proposed Transaction is to dispose of all substantially all of the assets of
NET and distribute the sale proceeds to shareholders, after payment of NET’s outstanding
liabilities. The Proposed Transaction is scheduled to close on April 13, 2011, provided certain
conditions set forth in the Asset Purchase Agreement are satisfied on or before that date.
Ultimately, management of NET is proposing that NET will be wound-up and dissolved. The
dissolution of NET would have to be approved by the shareholders of NET at a later date.
Additional details of the Proposed Transaction can be found in the information circular of
NET dated March 9, 2011 and in the Asset Purchase Agreement, copies of which have been
filed on www.sedar.com .
Founded in 1991, North East Terminal is a widely held, producer-owned agri-business, with
its head office located in Wadena, Saskatchewan. North East Terminal operates a 38,000 mt
inland grain terminal at Wadena, SK, and retails fertilizer (dry, liquid, & NH3), chemical,
and seed products at Wadena, Kelvington, Foam Lake, and Ponass Lake.