FERONIA CELEBRATES 100 YEARS OF OPERATION AT ITS OIL PALM PLANTATIONS
TORONTO, ONTARIO – May 27, 2011: Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) is pleased to announce that on May 28, 2011 it will be celebrating 100 years of continuous operation at its oil palm plantations subsidiary, Feronia PHC. Commencing operations on May 19, 1911, the plantations have been in continuous operation since this time. Feronia PHC currently employs approximately 4,000 people making it one of the largest private sector employers in Central Africa.
Feronia PHC operates in the Equateur and Orientale provinces of the Democratic Republic of Congo (“DRC”). The operation consists of three established plantations located along the Congo River, Lokutu, Boteka and Yaligimba. The plantations span 107,000 hectares with over 2.2 million mature palm trees and over 300,000 seedlings in the nurseries. The principal products of Feronia PHC are crude palm oil (“CPO”) and palm kernel oil (“PKO”). The CPO and PKO products are transported by barge to the capital city of Kinshasa where they are sold to refining factories which purchase 100% of PHC's production. The refined products which are produced by these factories are sold into the local market in a variety of forms.
“We are delighted to commemorate 100 years of operating in the Democratic Republic of Congo” said James Siggs, CEO of Feronia Inc. “Feronia PHC and its predecessor companies have been part of the country’s history and one of its largest employers since the very creation of the nation. The DRC was once a prolific exporter of agricultural goods. Years of exploitation and disruption by foreign interests has left the country dependent on imports to meet its own food and edible oil requirements. At Feronia we are building on the tremendous history of our palm oil subsidiary, Feronia PHC. We have a highly skilled and experienced team working to create a profitable and sustainable business producing food and edible oils for local consumption and export, using the best technology and methodologies from around the world. We are optimistic that through Feronia the DRC will once again become self-sufficient in agricultural goods and rejoin the ranks of major exporters in the years to come.”
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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