Minneapolis Grain Exchange Ends Negotiations With ePIT, Inc.

Officials of the Minneapolis Grain Exchange (MGE) stated today their negotiations with ePIT, Inc., San Francisco, have ended. "What was to have been a joint venture between a Self-Regulated Organisation and an Internet technology provider has changed to put MGE into the role of customer and source of venture capital. This was neither anticipated, nor acceptable," said James H. Lindau, President/CEO of the Minneapolis Grain Exchange. "Our determination to trade commodities on the, Internet is undiminished," Mr Lindau added. "We will aggressively pursue a system that recognises our 118-year history of providing risk management and price discovery, while capturing our vision of Electronic trading in the 21st century. "MGE is the first diversified commodity exchange seeking to bypass current electronic trading structures to trade on the Internet. Chairman of MGE board of directors, John Miller, stated the Minneapolis Grain Exchange will broaden its search for a qualified provider of Internet technology. The Minneapolis Grain Exchange, established in 1881, is the only futures market for hard red spring wheat, white wheat, durum wheat, black tiger shrimp, white shrimp and Twin Cities on- and off-peak electricity. For more information about the Exchange, visit http://www.mgex.com.