MAGNOLIA, Kentucky

Kentucky farming operation says temporary soybean purchase commitments provide short-term support but do not resolve tariff disparities and long-term market uncertainty

Ragland Farms, a family-owned agricultural operation producing soybeans, corn, and winter wheat, today released a public policy statement calling for more stable and predictable agricultural trade between the United States and China.

Caleb Ragland, a ninth-generation farmer based in Magnolia, said recent Chinese commitments to purchase American agricultural products have provided needed short-term demand. However, he cautioned that negotiated purchase targets do not fully address the tariff disparities, pricing pressures, and loss of market share affecting U.S. soybean producers.

According to U.S. Department of Agriculture reporting, China committed under a late-2025 agricultural purchase arrangement to acquire 12 million metric tons of American soybeans, followed by at least 25 million metric tons annually from 2026 through 2028. China subsequently met the initial purchase target.

Ragland said the commitments are important for American producers but remain dependent on government negotiations and do not restore the broader commercial conditions that existed before U.S.-China trade tensions intensified in 2018.

“Temporary purchase agreements can provide meaningful support, but farmers also need reliable access to markets that is not dependent on repeated political negotiations,” Ragland said. “Planting, financing, equipment, and land-management decisions often have to be made months or years in advance.”

Market Conditions Affecting American Soybean Producers

Ragland Farms identified several continuing challenges affecting the competitiveness of American soybeans in the Chinese market.

Declining U.S. Market Share

Before trade tensions intensified, the United States supplied a significantly larger percentage of China’s imported soybeans. Public trade data indicates that the American share declined substantially by 2024 as Brazil expanded production capacity and strengthened its commercial relationships with Chinese purchasers.

Ragland said rebuilding market share will require more than temporary purchasing targets because importers also consider price, availability, shipping costs, tariffs, and the reliability of long-term supply relationships.

Tariff Disparities

U.S. Department of Agriculture reporting published in March 2026 indicated that American soybeans were subject to a 13% Chinese import tariff, compared with approximately 3% for Brazilian soybeans.

Ragland said the difference places American producers at a commercial disadvantage, particularly when Chinese processors can purchase lower-priced soybeans from South American suppliers.

Seasonal Pricing Pressure

Brazilian soybeans are often competitively priced during important purchasing periods. This can encourage private Chinese processors to favor Brazilian supplies even when government-directed commitments support additional purchases from the United States.

Ragland said predictable tariff and market-access policies would allow American farmers to compete more effectively on price, quality, reliability, and long-term supply capacity.

Agricultural Trade and National Security

The statement also addresses the growing policy debate surrounding foreign ownership of American agricultural land.

In 2023, Arkansas ordered a Chinese-controlled subsidiary of Syngenta Seeds to divest agricultural property in the state. In July 2026, North Carolina enacted the Farmland and Military Protection Act, with certain provisions scheduled to take effect in April 2027.

Ragland said government review of foreign acquisitions near military installations and other sensitive locations can be appropriate. However, he encouraged policymakers to distinguish between legitimate national security concerns and ordinary agricultural commerce.

“Protecting strategically sensitive property and maintaining agricultural trade are separate policy issues,” Ragland said. “The shipment of soybeans through established commercial channels should not be treated in the same way as the acquisition of land near critical infrastructure.”

Call for Predictable Agricultural Trade Policy

Ragland Farms is calling on policymakers in Washington and Beijing to pursue a more stable agricultural trading framework that reduces tariff disparities and limits the use of farm products as leverage during broader political disputes.

The company said predictable trade conditions would help family farms make informed decisions regarding planting, financing, staffing, equipment purchases, land management, and long-term investment.

In an April 2025 public appeal, Ragland warned that prolonged trade uncertainty could threaten the survival of multigenerational American farms.

“Trade policy may be written in government offices, but its consequences are felt on farms,” Ragland said in the earlier statement. “All our blood, sweat, and toil could vanish with the stroke of a pen.”

Ragland said agricultural trade does not require the United States and China to resolve every political disagreement. Instead, both countries can recognize the economic value of maintaining reliable commercial relationships for essential agricultural products.

“Farmers are prepared to compete in global markets,” Ragland said. “What they need is a stable framework that allows commercial decisions to be based on supply, quality, price, and long-term demand.”

About Ragland Farms

Ragland Farms is a multigenerational family farming operation based in Magnolia, Kentucky. Led by ninth-generation farmer Caleb Ragland, the farm produces soybeans, corn, and winter wheat. Ragland Farms supports agricultural policies that promote predictable market access, economically sustainable farming operations, and the long-term viability of American family farms.

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LAS VEGAS, NV

KeyState is pleased to announce that Patrick Mulloy has joined the firm as Senior Vice President – Business Development. With more than 25 years of experience serving financial institutions, Mulloy will help expand KeyState’s relationships with community banks by introducing the firm’s innovative tax, investment, and strategic solutions.

Mulloy joins KeyState from RSM, where he served as a partner in the firm’s Financial Services practice and led the national Financial Institutions industry. Throughout his career, he has advised financial institutions ranging from approximately $100 million to more than $100 billion in assets, including banks, credit unions, mortgage companies, specialty finance organizations, trusts, investment companies, private equity firms, and hedge funds.

A certified public accountant, Mulloy is widely recognized as a leader in the financial services industry. He has served as President of the Financial Managers Society’s Philadelphia Chapter and has been active with the Pennsylvania Institute of Certified Public Accountants, the American Institute of Certified Public Accountants, and numerous nonprofit and academic organizations.

“Patrick brings exceptional industry expertise, credibility, and trusted relationships within the community banking industry,” said JD David, EVP – Strategy & Growth of KeyState. “His experience advising financial institutions and understanding the challenges bank leaders face make him an outstanding addition to our team. Patrick will help more community banks discover how KeyState’s solutions can strengthen earnings, improve tax efficiency, and support long-term strategic growth.”

In his new role, Mulloy will work closely with community bank executives nationwide, advising them on renewable energy tax credit investments, investment subsidiary structures, and other strategic solutions designed to enhance earnings, improve tax efficiency, and create long-term shareholder value.

“I’m excited to join KeyState and introduce more community banks to the firm’s innovative solutions,” said Patrick Mulloy. “Community banks have an opportunity to be far more intentional about managing their tax liability, and I’m excited to help more institutions understand how renewable energy tax credit investments can increase annual earnings while supporting investments in the communities they serve. KeyState has built an exceptional platform and team, and I look forward to helping more financial institutions unlock new opportunities for growth.”

About KeyState

KeyState provides community banks and middle market companies with independent and innovative investment and insurance structures that have a meaningful impact on earnings. KeyState manages over $22 billion in bond portfolios for community banks, and KeyState’s SOLCAP renewable energy tax credit platform has raised and deployed over $1 billion financing over 200 renewable energy projects across the US. Founded in 1991, KeyState serves over 140 community banks and over 200 companies across the country. Based in Las Vegas, NV, KeyState has additional offices in Wilmington, DE; Denver, CO; and Burlington, VT.

For more information, visit www.key-state.com.

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ISTANBUL, Turkiye

ISTANBUL, Turkiye and NEW YORK, 07.28.2026 – Gersan Elektrik Ticaret ve Sanayi A.S. (“Gersan Elektrik,” “Gersan” or the “Company”) (BIST: GEREL; OTCQX: GERLF), a Turkiye-based publicly traded industrial manufacturer operating in the electrical equipment, energy distribution and electromechanical infrastructure sectors, today announced that its ordinary shares now trade on the OTCQX Best Market in the United States under the ticker symbol “GERLF.”

Gersan Elektrik continues to trade on Borsa Istanbul under the ticker symbol “GEREL.” U.S. investors can now find current financial disclosure and market information for the Company on www.otcmarkets.com under the symbol “GERLF.”

The Company also participated in a market open ceremony at OTC Markets Group’s New York office on July 28, 2026, together with representatives of Gersan Elektrik, Usul Ventures and invited guests from the Turkish and international business community. The ceremony is expected to mark an important communication milestone for the Company’s U.S. capital markets presence.

Gersan Elektrik is one of Turkiye’s established industrial companies in the electrical sector. The Company designs, manufactures and supplies products and systems that support the transmission, distribution, organization and protection of electrical conductors across a wide range of infrastructure applications. Its product portfolio includes busbar systems, cable carrier systems, grounding systems, electrical panels, EV charging systems, automation systems, lighting systems and related electromechanical infrastructure solutions.

Gersan’s products are used in industrial facilities, commercial buildings, airports, refineries, hospitals, hotels, power transmission projects, renewable energy-related infrastructure and other critical infrastructure applications. The Company’s busbar systems are also relevant to modern electrical infrastructure projects, including data center installations, where efficient power distribution, installation quality and operational reliability are key considerations.

In recent weeks, Gersan also announced that it had initiated a strategic acquisition process intended to support potential U.S.-based production of its busbar products, including applications in data center installations, one of the important end markets for this product group. This initiative forms part of the Company’s broader strategy to evaluate international business development opportunities that may complement its core industrial activities and strengthen its commercial presence in selected markets.

Gersan’s commencement of trading on OTCQX under the symbol GERLF represents a significant step in the Company’s international capital markets strategy. By making the Company’s public disclosures and trading information more accessible to U.S.-based investors, Gersan aims to strengthen its international visibility, broaden awareness of its industrial platform and support a more structured investor communication framework outside Turkiye.

The Company believes that its recent steps in both capital markets and real-sector business development reflect a coordinated internationalization strategy. While GERLF’s trading on OTCQX is intended to enhance capital markets visibility and information access for U.S. investors, Gersan’s ongoing business development initiatives are focused on identifying opportunities that are aligned with the Company’s core industrial capabilities, product portfolio and long-term growth discipline.

“Gersan’s trading commencement on OTCQX under the ticker GERLF is an important milestone for our Company’s international visibility,” said Erkan Izgi, Chairman of the Board of Gersan Elektrik. “We have built Gersan on a long-standing industrial foundation, and our objective is to carry this experience into a broader international framework. We intend to pursue investment and growth initiatives that are aligned with our core business, supported by disciplined financial planning and consistent with our public disclosure obligations.”

Mr. Izgi continued: “Our recent capital markets step in the United States and our ongoing business development initiatives should be viewed as complementary parts of the same strategy. We aim to strengthen Gersan’s international presence not only through investor communication, but also through real-sector opportunities that may support our product capabilities, market access and long-term institutional positioning. As we move forward, we will continue to evaluate opportunities carefully and transparently, with a focus on sustainable growth.”

Usul Ventures, an international capital markets and strategic advisory firm included in OTC Markets Group’s Premium Provider Directory, has acted as process manager and strategic advisor to Gersan Elektrik in connection with the Company’s OTCQX trading process and related international capital markets positioning. Following the trading commencement, Usul Ventures is expected to continue supporting the Company’s U.S. market communication strategy, investor relations framework, business development positioning and post-trading engagement initiatives, in coordination with the Company and its professional advisors.

Trading on the OTCQX Market offers qualified international companies efficient access to the U.S. capital markets. For companies whose securities trade on a qualified international market, OTCQX provides a framework that enables them to make their home market disclosure available to U.S. investors. To qualify for OTCQX, companies must meet financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Gersan Elektrik intends to continue communicating material developments through Turkiye’s Public Disclosure Platform, Borsa Istanbul-related public reporting channels and its official investor communication channels. The Company’s international investor communication activities are intended to provide context around publicly available information and are not intended to provide investment advice, price targets, trading recommendations or selective disclosure of material non-public information.

About Gersan Elektrik Ticaret ve Sanayi A.S.

Gersan Elektrik Ticaret ve Sanayi A.S. is a Turkiye-based publicly traded industrial manufacturer operating in the electrical equipment, energy distribution and electromechanical infrastructure sectors. The Company designs, manufactures and supplies cable carrier systems, busbar systems, grounding systems, electrical panels, EV charging systems, automation systems, lighting systems and related infrastructure products used in industrial facilities, buildings, airports, refineries, hospitals, hotels, power transmission projects, renewable energy-related applications and other critical infrastructure projects.

Gersan Elektrik trades on Borsa Istanbul under the ticker symbol GEREL and now trades on the OTCQX Best Market in the United States under the ticker symbol GERLF.

For further information, please visit www.gersan.com.tr.

About Usul Ventures

Usul Ventures is an international capital markets and strategic advisory firm supporting companies in cross-market access, investor communication, corporate positioning and transaction-related advisory processes. Usul Ventures is included in OTC Markets Group’s Premium Provider Directory and has supported Gersan Elektrik in connection with its OTCQX trading process and related U.S. market positioning.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States, Turkiye or any other jurisdiction. No securities may be offered or sold in any jurisdiction except pursuant to registration or an applicable exemption under applicable securities laws.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements regarding the Company’s international business development strategy, U.S. market communication activities, potential acquisition processes, potential U.S.-based production capabilities, investor communication strategy, market visibility, growth initiatives and other plans or expectations. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, many of which are outside the Company’s control. Actual results, timing, approvals, agreements, market conditions and outcomes may differ materially. The Company undertakes no obligation to update any forward-looking statement except as required by applicable law.

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