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PRNewswire - First Call
January 28th, 2004
Mississippi Chemical Announces Results of Potash Auction Process
YAZOO City, MS – Mississippi Chemical Corporation (OTC Bulletin Board: MSPIQ.OB) today announced the results from the horse agreement entered into on December 1, 2003 between Mississippi Chemical’s wholly owned subsidiaries, Mississippi Potash, Inc. and Eddy Potash, Inc. and two wholly owned subsidiaries of Intrepid Mining LLC, was the high bid for the assets. While competing bids were solicited from other interested parties, none were received on or before the bid due date. The proposed sale is expected to close in late February 2004 and must be approved by the U.S. Bankruptcy Court in Jackson, MS.
Mississippi Chemical Corporation us a leading North American producer of nitrogen, phosphorus, potassium and melamine based products used as crop nutrients and in industrial application. Production facilities are located in Mississippi, Louisiana, and New Mexico, and through PLNL, in The Republic of Trinidad and Tobago. On May 15, 2003, Mississippi Chemical Corporation, together with its domestic subsidiaries, filed voluntary petitions seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Intrepid Mining LLC is a privately held Denver-based natural resources company with existing potash mining and oil and gas operations in the Rocky Mountain region of the United States.
Except for the historical statements and discussion contained herein, statements set forth in this news release constitute “forward-looking statements.” These forward-looking statements rely on a number of assumptions concerning future events, risks, and other uncertainties that are beyond the company’s ability to control. Readers are cautioned that a number of factors could cause actual results to differ materially from the forward-looking statements, including without limitation: (i) the ability of the company to operate pursuant to the terms of the debtor-in-possession revolving and term loan financing facilities, (ii) operating constraints, costs and uncertainties associated with the bankruptcy proceedings, (iii) the ability of the company to develop, prosecute, confirm and consummate a plan of reorganization with respect to the Chapter 11 cases, (iv) the ability of the company to receive trade credit, (v) the ability of the company to maintain contracts that are critical to its operations, (VI) changes in matters which affect the global supply and demand of fertilizer products and industrial chemicals, (vii) high natural gas prices and the volatility of the natural gas market, (viii) a variety of conditions in the agricultural industry such as grain prices, planted acreage, projected grain stocks, U.S. Governments policies, weather, and changes in agricultural production methods and other operation difficulties, (ix) possible unscheduled plant outages and other operating difficulties, (x) price competition and capacity expansions and reduction from both domestic and international competitors, (xi) foreign government agricultural policies (in particular, the policies of the governments of India and China regarding fertilizer imports), (xii) the relative unpredictability of international and local economic conditions, (xiii) the relative value of the U.S. dollar, (xiv) regulations regarding the environment and the sale and transportation of fertilizer products, (xv) oil costs and the impact of war in the Middle East, (xvi) the occurrence of any national calamity or crisis, including an act of terrorism, (xvii) the continuing efficacy of unfair trade remedies, and the outcome of pending unfair trade remedy (antidumping) cases, (xviii) our ability to retain key employees, and (xiv) other important factors affecting the fertilizer industry and U.S. as detailed under the heading “Certain Business Factors” and the elsewhere in our most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. |
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