FERONIA INC. ANNOUNCES A CHANGE TO BOARD OF DIRECTORS
TORONTO, ONTARIO – October 21, 2015: Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today announces that Peter van As has been appointed to its Board of Directors, effective October 16, 2015, subject to approval by the TSX Venture Exchange.
Mr. van As replaces Mr. Vincent McAleer as one of two nominees of the African Agriculture Fund (the “AAF”) on the Board. The change is a result of Mr. McAleer’s resignation as a director of the Company.
Much of Mr. van As’ 28-year career has been focused on emerging markets for multi- nationals, including Dutch dairy businesses (DOMO and FRICO), Unilever (Europe, Latin America and Africa), Smollan (sub-Saharan Africa) and DIAGEO (GM - Angola) and he has been an active member on a number of boards both in Africa and North America. Having completed a Masters’ Degree in Economics, Peter joined Unilever where he spent close to 20 years developing markets in east, central and southern Africa including as Marketing & Sales Director (Zimbabwe), Managing Director (Mozambique and Tanzania) and Director Market Development, Unilever Central Africa, his last position before joining DIAGEO in 2012.
Xavier de Carnière, Chief Executive Officer of Feronia Inc. commented: “I would like to thank Vincent for his contribution over the last two years and to welcome Peter to the board. Peter has considerable depth of knowledge and experience and I am sure he will prove to be a valuable addition.”
Feronia is an agribusiness operating in the Democratic Republic of the Congo (DRC).
At the heart of Feronia lies a long established palm oil business, Plantations et Huileries du Congo (PHC), which has three remotely located plantations; Lokutu, Yaligimba and Boteka. We also have an arable farming operation which grows and processes rice.
When Feronia acquired its palm oil business from Unilever in 2009, it had suffered from years of underinvestment and considerable disruption caused by conflict in the DRC. Our initial focus has been on rebuilding the business and resuming production to secure its future and the livelihoods of the 3,800+ people we directly and indirectly employ.
Feronia’s plantations produce crude palm oil (CPO) and palm kernel oil (PKO). CPO is part of the staple and traditional diet of the Congolese and, with our products sold locally in the DRC, we are well placed to help decrease reliance on imports and increase food security and quality.
Feronia prides itself on being the guardian of our 104 year-old palm oil business and its employees, communities, and environment. We have a long term commitment to improve the living and working environment of our employees and their communities and are committed to sustainable agriculture, environmental protection and community inclusion.
Feronia has in place an Environmental and Social Action Plan which is focused on implementing environmental and social best practice and improving social infrastructure.Feronia is working towards certification by the Roundtable for Sustainable Palm Oil (RSPO) and is implementing IFC/World Bank standards for environmental and social sustainability. Our oil palm replanting programme is brownfield in nature – replacing old palms with new – and it has no reliance on deforestation.
Feronia’s management team is comprised of senior agriculturalists with extensive experience in managing both plantations and farming operations in emerging markets.
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 Management’s discussion and Analysis for the year ended December 31, 2014, 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.