FERONIA INC. ANNOUNCES APPOINTMENT OF XAVIER DE CARNIERE AS CEO
TORONTO, ONTARIO--(Marketwired - Sept. 22, 2014) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announced the appointment of Mr. Xavier de Carniere as Chief Executive Officer and a director of the Company. Mr. de Carniere's start date with the Company will be January 12, 2015.
Mr. de Carniere was previously the Chief Financial Officer of a major palm oil and rubber plantations company with operations in West Africa and Asia. In this role and previous work Mr. de Carniere has a demonstrated track record of delivering results and gained substantial experience in all aspects of the palm oil sector.
Chairman, Ravi Sood commented, "The Board of Directors of Feronia is pleased to welcome Xavier as the Company's new CEO. Xavier is a dynamic, highly regarded executive in the industry and has the passion and determination required to lead Feronia through this period of rapid growth." Xavier de Carniere stated, "I am honoured and excited to be involved in the rehabilitation and expansion of this unique and historic oil palm plantations company in the Democratic Republic of the Congo. I look forward to working with all stakeholders to see through to fruition Feronia's vision of being a plantation company that operates at the highest levels of productivity while respecting the environment and above all else, our people and communities."
Mr. de Carniere's appointment is subject to the approval of the TSX Venture Exchange.
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 "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. Factors that could cause actual results to differ materially include, among others: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the "Loi Portant Principes Fondamentaux Relatifs A L'Agriculture", termination or non-renewal of concession rights or expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, lack of infrastructure in the DRC, high inflation rates, limited availability of debt financing in the DRC, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), the Company's reliance on one major customer, lower productivity at the Company's plantations and arable farming operations, risks related to the agricultural industry (including adverse weather conditions, shifting weather patterns, and crop failure due to infestations), a shift in commodity trends and demands, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility. Details of the risk factors relating to Feronia and its business are discussed under the heading "Risks and Uncertainties" in Feronia's annual Management's Discussion and Analysis for the year ended December 31, 2013, a copy of which is available on the Company's SEDAR profile at www.sedar.com. 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.
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.