FERONIA APPOINTS JOEL STRICKLAND TO BOARD OF DIRECTORS
TORONTO, ONTARIO – September 2, 2011: Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today announced that Mr. Joel Strickland has been appointed to its Board of Directors and to the board’s audit committee, corporate governance committee, and compensation committee subject to the approval of the TSX Venture Exchange.
“I am confident that Joel’s experience managing the start-up of a large-scale mechanized agri-business in Africa and his extensive background in capital markets will enable him to make valuable contributions to the board and to the Company,” said Feronia Chairman Ravi Sood.
Joel Strickland added “I am delighted to join the very experienced and motivated team at Feronia. The business plan they are implementing is vital to the food security of the Congo and has the potential to be a game-changer throughout Africa.”
Mr. Strickland has substantial operational experience in Africa including as President of Buchanan Renewables Fuel Inc., a company with operations in Liberia, West Africa. Mr. Strickland founded and was instrumental in securing financing for the development of Buchanan. Mr. Strickland managed a team of expatriates and over 600 Liberian residents for Buchanan. Buchanan was a pioneer in the production and export of woody biomass to Europe where it was consumed for energy and has won several awards including The Corporate Council on Africa Business Excellence in Natural Resources award in 2009 and The Green Award at the African Business Awards in June 2011.
Prior to founding Buchanan, Mr. Strickland held senior executive roles with a number of companies including as President of Navitrak International Corporation, a geo-referencing systems company. Mr. Strickland was also previously a fixed-income trader holding progressively senior positions at investment banks in Toronto and New York.
Mr. Strickland is a graduate of the Richard Ivey School of Business HBA programme. His current board positions include Canadian National Stock Exchange (CNSX Markets Inc.), Welaptega Marine Limited, and Zaio Corporation (CNSX:ZAO).
Mr. George Mihaleto has resigned from the Board of Directors due to professional time constraints. “We would like to thank Mr. Mihaleto for his service to the Board of Directors and the Company. George has been an extremely active and valuable Board member and major contributor to the Company’s progress. We wish him success in his future endeavors” said Ravi Sood.
About Feronia Inc.
Feronia Inc. is a large-scale commercial farmland and plantation operator in the Democratic Republic of the Congo (“DRC”). The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming business division. Feronia believes in the immense agricultural potential of the DRC for high-quality foodstuffs and edible oils given its ideal climate, excellent soil and highly skilled and experienced workforce. Feronia’s management team is comprised of senior agriculturalists with extensive experience in managing both plantations and large-scale mechanized farming operations in emerging markets. Feronia is committed to sustainable agriculture, environmental protection and providing support for local communities. For more information please see, www.feronia.com.
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the stated use of proceeds; plan of operations and comparative advantages; and benefits of this investment. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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