Feronia Inc. Announces Changes to Board of Directors
Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today
announces changes to its Board of Directors (the “Board”).
Mr. Frank Braeken has resigned as Executive
Chairman and as a director of the Company and Mr. Nick Thompson has
resigned as a director of the Company.
An announcement regarding further board changes
and the appointment of a new Chairman will be made in due
For further information please
|Paul DulieuDirector of
Communications and Corporate Development, Feronia Inc.44 (0)7554
About Feronia Inc.
- 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.
- 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 PHC’s future and the livelihoods of the thousands of
people it employs.
- 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 its 109 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 Environmental and Social
Management 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.
- 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 two
major customers, lower productivity at the Company’s plantations,
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, 2018, 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.
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