PREMIUM STANDARD FARMS HAS RECEIVED AN EXTENSION TO COMPLETE THEIR INSTALLATION OF NEW GENERATION TECHNOLOGY AT ITS FARMS IN NORTHWEST MISSOURI. PREMIUM STANDARD FARMS WILL RECEIVE A TIME FRAME THAT LASTS UNTIL JULY 31ST OF 2012 TO FINALIZE THE INSTALLATION OF THEIR BARN SCRAPER SYSTEM THAT WAS APPROVED BY A MANAGEMENT ADVISORY TEAM IN LATER APRIL. BILL HOMAN GIVES THE COMPANY'S REACTION TO THE ANNOUNCEMENT.
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THE AGREEMENT WITH THE OFFICE OF THE MISSOURI ATTORNEY GENERAL HAS BEEN APPROVED IN JACKSON COUNTY CIRCUIT COURT. HOMAN SAYS THE COMPANY PLANS TO WORK WITH THE STATE IN MEETING BENCHMARKS FOR THE AGREEMENT.
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PREMIUM STANDARD FARMS WILL FACE FINES AMOUNTING ANYWHERE FROM 2 THOUSAND TO 6 THOUSAND DOLLARS PER DAY FOR NON COMPLIANCE. THE AGREEMENT ALSO INCLUDES VOLUNTARY PAYMENTS OF PSF OF 100 THOUSAND DOLLARS TO EACH LOCAL COUNTY SCHOOL FUND IN GENTRY, DAVIESS, MERCER, SULLIVAN, AND PUTNAM COUNTIES. THE COMPANY HAS ALSO AGREED TO PAY A TOTAL OF 500 THOUSAND DOLLARS INTO ROAD FUNDS IN THOSE SAME COUNTIES.
THE AGREEMENT WITH THE OFFICE OF THE MISSOURI ATTORNEY GENERAL HAS BEEN APPROVED IN JACKSON COUNTY CIRCUIT COURT. HOMAN SAYS THE COMPANY PLANS TO WORK WITH THE STATE IN MEETING BENCHMARKS FOR THE AGREEMENT.
PREMIUM STANDARD FARMS WILL FACE FINES AMOUNTING ANYWHERE FROM 2 THOUSAND TO 6 THOUSAND DOLLARS PER DAY FOR NON COMPLIANCE. THE AGREEMENT ALSO INCLUDES VOLUNTARY PAYMENTS OF PSF OF 100 THOUSAND DOLLARS TO EACH LOCAL COUNTY SCHOOL FUND IN GENTRY, DAVIESS, MERCER, SULLIVAN, AND PUTNAM COUNTIES. THE COMPANY HAS ALSO AGREED TO PAY A TOTAL OF 500 THOUSAND DOLLARS INTO ROAD FUNDS IN THOSE SAME COUNTIES.
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