FERONIA INC. ANNOUNCES CHANGE TO BOARD OF DIRECTORS
TORONTO, ONTARIO--(Marketwired - Sept. 9, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announced that Vincent McAleer has been appointed to its Board of Directors subject to approval by the TSX Venture Exchange.
Mr. McAleer replaces Mr. Anders Einarsson as one of two nominees of the African Agriculture Fund (the "AAF") on the Board. The change is a result of Mr. Einarsson leaving Phatisa Fund Managers Limited which manages the AAF.
Mr. McAleer is a professional agribusiness manager with more than 25 years' experience in tropical agriculture, processing and trading in Belize, Côte d'Ivoire, Ghana, Nigeria and Zambia. His experience includes 15 years technical, operational and board level appointments in the palm oil sector in Indonesia, Nigeria and Papua New Guinea with CDC and SIAT sa. He has a degree in agriculture from the University of Reading and an MBA from the University of Warwick, both in the United Kingdom.
In his current role as CEO of the AAF's Palm Oil Platform, Mr. McAleer is responsible for palm oil investments.
Ravi Sood, Chairman of Feronia, commented: "On behalf of all shareholders and the Board of Directors I would like to thank Anders for his contribution to the Company as a director and having been instrumental in bringing Phatisa and the African Agriculture Fund into the company as strategic shareholders. We are also pleased to welcome Vincent to the Board of Directors. Vincent has a wealth of experience in both the palm oil sector and agri-business operations in Africa and I am certain that he will prove to be a valuable addition to the Board."
About Feronia Inc.
- Feronia operates large-scale commercial oil palm plantations and has commenced an arable farming operation in the Democratic Republic of the Congo (the "DRC").
- The Company, through its subsidiaries, holds concessions on land which is owned by the DRC government and on which its oil palm plantation and farming operations take place.
- The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming. Feronia believes in the immense agricultural potential of the DRC for high-quality edible oils, oil derivatives and foodstuffs given the suitability of its climate and soil and the availability of a skilled workforce.
- The Company's management team is comprised of experienced business administrators and 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 jobs and economic growth 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 "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. 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.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.