TORONTO, ONTARIO--(Marketwired - June 17, 2013) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announced that it has appointed Mr. David Steel as the Chief Financial Officer of the Company. Mr. Steel was previously the Director of Finance for Misys plc., a multinational technology business supplying software to the global financial services sector. He has also served as Group Financial Controller for Fuller, Smith & Turner plc, an independent brewer and pub company in the United Kingdom.
Chief Executive Officer, William Dry commented, "Feronia is delighted to have David on board who comes with an excellent track record of value creation. His operational management experience and capital markets expertise will help ensure that Feronia effectively manages its resources and balances growth with profitability as we execute our growth strategy."
Mr. Steel will be replacing Mr. Danesh Varma as Chief Financial Officer of the Company. Mr. Varma has agreed to act as a consultant to the Company to assist in the transition of duties. Mr. Dry expressed his gratitude to Mr. Varma, stating "On behalf of the Board of Directors and everyone at Feronia, I thank Danesh for his many contributions and dedication during his time with the Company. We appreciate his agreement to remain with Feronia through the transition period and we wish him all the best in his future endeavors."
In connection with Mr. Steel's appointment, he has been granted options to purchase up to 500,000 common shares of the Company until June 17, 2023 at an exercise price of $0.12 per share, vesting according to the following schedule: 166,667 shall vest on December 17, 2013, 166,667 shall vest on June 17, 2014 and 166,666 shall vest on June 17, 2015.
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.
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.