Feronia Inc. Announces Management Change
11 December 2018 - 12:30AM
Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today
announced that David Steel has tendered his resignation as the
Company's Chief Financial Officer and as a director of the
Company’s applicable subsidiaries. Mr. Steel will continue in his
role of CFO until June 30, 2019 to assist with a smooth transition
to a new CFO; the search for whom has already commenced.
Xavier de Carniere, Chief Executive
Officer of Feronia commented: "David has worked tirelessly
over the last five and a half years to help secure the future of
this business. His tenacity and drive have been invaluable, as have
been his support and team spirit. I would like to sincerely thank
him for all that he has done and wish him the utmost success in
whatever he does next.
“We look forward to working with David over the
next few months as we identify his successor and then through the
transition period which will follow.”
David Steel commented: "It has
been a privilege to work with Feronia over the past five and a half
years. Feronia is a business which is doing something incredibly
positive in the DRC. I am very proud of what we have achieved and
to be able to say ‘I helped make that happen’.
“This has not been an easy decision. I, like
many people, have invested a lot of time, energy and emotional
capital in this business but I feel the time is now right, for both
me and Feronia, to move on. I would like to thank everyone at
Feronia for their hard work and support and wish them, and the
Company, the very best for the future.”
For further information please
contact:
Xavier de CarniereChief
Executive Officer, Feronia Inc.44 (0)7468 697
658xavier.decarniere@feronia.com |
Paul DulieuDirector of
Communications and Corporate Development, Feronia Inc.44 (0)7554
521421 paul.dulieu@feronia.com |
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 its future and the livelihoods of the thousands of people
we directly 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 107 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 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 has extensive experience in managing
both plantations and farming operations in emerging markets.
- For more information please see www.feronia.com
Cautionary Notes
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, 2017, 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.
Feronia (TSXV:FRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Feronia (TSXV:FRN)
Historical Stock Chart
From Jul 2023 to Jul 2024