Gendis Inc. Reports Significant News from Three of its Investment Holdings
WINNIPEG, MANITOBA -- (Marketwire) -- 03/14/13 -- James E. Cohen,
President and Chief Executive Officer of Gendis Inc. ("Gendis")
(TSX:GDS) is pleased to announce that Osum Oil Sands Corp. ("Osum"),
a private Alberta-based in-situ oil sands developer in which Gendis
holds a substantial investment, has just released the results of its
December 31, 2012 reserve and resource assessment, which is
highlighted by an 821 million barrel increase in best estimate
Assessment Highlights include the following:
-- 4.4 billion barrels of best estimate contingent resources (P50), an
increase of 821 million barrels over the prior year
-- 410 million barrels of probable reserves including 51 million barrels
assigned to the Saleski Joint Venture project area
-- In excess of 500,000 barrels per day of total long-term sustained
The assignment of reserves prepared by GLJ Petroleum Consultants is
the first reserve booking in the Grosmont carbonates in Alberta and
applies to both the Grosmont C and D reservoirs in the initial
development area for the 10,700 barrels per day commercial
demonstration project. The Grosmont C and D reservoirs extend into
Osum's 100% operated project area at Saleski East while the Grosmont
D comprises a significant portion of the contingent resource in the
100% operated Saleski West project area. Saleski East and West
bracket the joint venture lands.
"We congratulate Osum on this outstanding reserves report and wish
them much success in their continued efforts to commercialize the
Grosmont carbonates," Mr. Cohen stated. "This is very positive news
not only for Osum but also for Gendis and its shareholders."
In other news, Mr. Cohen also noted that Input Capital Corp.
("Input"), a Regina, Saskatchewan-based company that provides upfront
financing to Saskatchewan canola farmers in which Gendis invested
last November, has reported that they have signed a new canola
streaming agreement and deployed another $1.2 million in a 6-year
streaming deal. This brings Input's total deployment to date to $6.1
million, or 27% of its initial planned deployment.
Also, in February, Input established working relationships with their
strategic agrology partners: Farmers Edge of Winnipeg, and Agri-Trend
Agrology of Red Deer, Alberta. Both provide agrology services across
the Prairies and in other countries as well.
"We are delighted that Input is making significant progress on its
planned deployment and that it is moving ahead on other initiatives,"
Mr. Cohen added. "We see Input as an important addition to our
portfolio, especially as we begin to enhance our presence in the
agri- foods sector."
A third Company in which Gendis is invested, MBAC Fertilizer Corp
("MBAC") of Toronto, recently raised $34.5 million in equity
financing and is anticipating a spring 2013 start up to its new mill
facility in Brazil.
"The ability to raise this amount of capital in tough market
conditions is a very impressive accomplishment," Mr. Cohen stated.
"We are excited about the prospects that lie ahead for MBAC."
MBAC is focused on becoming a significant integrated producer of
phosphate and potash fertilizers and related products in the
Brazilian and Latin American markets. It represents one of the first
investments by Gendis into the agri-business sector.
Mr. James E. Cohen
President and Chief Executive Officer
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