TORONTO, ONTARIO--(Marketwired - July 15, 2013) - Further to the announcement made by Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) on July 3, 2013 in which it provided an update on the new law "Loi Portant Principes Fondamentaux Relatifs a L'Agriculture" (the "Agriculture Law"), the Company wishes to comment on a report published by Bloomberg on July 12 concerning possible changes to the Agriculture Law.
According to the report which quotes directly from the DRC Agriculture Minister, the Agriculture Law, which purports to limit foreign ownership of agriculture projects, is being revised as part of a process of "reassuring eventual investors" as the government looks to encourage investment into the country's agricultural sector.
The Company has been unable to confirm the contents of this report at this time and is not aware of any official pronouncements in the DRC in respect of amendments to the Agriculture Law. Feronia will provide shareholders with further updates concerning the Agriculture Law as relevant information becomes available.
About Feronia Inc.
Feronia operates large-scale commercial oil palm plantations and has commenced an arable farming operation in 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 "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Agriculture Law. 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, the legislative process in the DRC and risks related to foreign operations (including various political, economic and other risks and uncertainties). 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.