TORONTO, ONTARIO–(Marketwired – April 29, 2016) – Feronia Inc. (“Feronia” or the “Company”) (TSX VENTURE:FRN) today released its audited financial results for the year ended December 31, 2015. All amounts in this release are expressed in US dollars unless otherwise indicated.
Xavier de Carnière, Chief Executive Officer of Feronia Inc., commented: “Against a backdrop of the toughest global palm oil market conditions in recent history, Feronia has made considerable operational progress.
“As our replanted hectares begin to mature and our producing hectares increase, so does our confidence in being able to achieve our long term objectives. This confidence is supported by the gauges on our dashboard turning green; a 25% increase in fruit production, a 29% increase in CPO production, increases in yield per hectare and oil extraction rate, a 21% increase in CPO volume sold, a new major refining customer and securing a $49 million debt facility are but a few of the indicators of the progress we are making.
“Our progress is no accident. It is down to the hard work and unwavering and precious dedication of our staff, management and two largest shareholders. There is much still to do. We must, and will, remain focused on patiently working towards our goals, including delivering on our social and environmental targets and commitments, so as to rebuild this business into the great business we all believe it will become.”
About Feronia Inc.
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, 2015, 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.