Itafos Announces Appointment of New Directors
05 March 2020 - 9:00AM
Itafos (TSX-V: IFOS) (the “
Company”) announced
today the appointment of Rory O’Neill and Ricardo De Armas to its
Board of Directors. The Company’s principal shareholder, CL
Fertilizers Holding LLC (“
CLF”), designated Mr.
O’Neill and Mr. De Armas as its nominees to the Company’s Board of
Directors pursuant to the previously announced investor rights
agreement entered into on December 31, 2019, between the Company
and CLF. CLF is an investment entity of private funds managed by
Castlelake, L.P. (“
Castlelake”), a global private
investment firm.
Mr. O’Neill is Chief Executive Officer and
Managing Partner at Castlelake. Mr. O’Neill founded Castlelake in
2005 and is responsible for the firm’s overall direction, including
all investment and operational activities, as well as establishing
the firm’s vision, culture and investment approach. Mr. O’Neill
also serves as chair of Castlelake’s Investment Review Committee
and has overseen more than $25 billion of global investments in
more than 60 countries across a variety of sectors including
agribusiness, minerals, energy and transportation. Prior to
founding Castlelake, Mr. O’Neill was a senior managing director at
Cargill Value Investment (now CarVal Investors) where he helped
establish and grow the firm’s global investment business. Early in
his career, Mr. O’Neill was a certified public accountant at KPMG.
Mr. O'Neill serves on the Board of Trustees of the University of
St. Thomas. Mr. O’Neill holds a Bachelor of Arts in business
administration and biology from the University of St. Thomas and a
Master of Business Administration from the University of
Pennsylvania.
Mr. De Armas is a Director at Castlelake. Mr. De
Armas joined Castlelake in 2016 as part of the Global Special
Situations team and is responsible for investments in emerging
markets across a variety of sectors including agribusiness and
metals and mining. Prior to joining Castlelake, Mr. De Armas was
Vice President at De Jong Capital and Principal at Zaff Capital
where he was instrumental in the acquisitions and restructurings
that ultimately resulted in the formation of Itafos. Prior to
joining Zaff Capital, Mr. De Armas was an investment banker at
Citigroup where he focused on investments in Latin America across a
variety of sectors including agribusiness and metals and mining.
Prior to joining Citigroup, Mr. De Armas was a financial analyst at
Procter & Gamble. Mr. De Armas serves on numerous boards,
including Heron Resources Limited and North River Resources Plc.
Mr. De Armas holds a Bachelor of Science in business administration
from Universidad Metropolitana and a Master of Business
Administration from Harvard Business School.
About Itafos
The Company is a vertically integrated phosphate
fertilizers and specialty products company with an attractive
portfolio of long-term strategic businesses and projects located in
key fertilizer markets worldwide.
The Company owns, operates and is developing the
following businesses and projects:
- Itafos Conda – a vertically
integrated phosphate mine and fertilizer business with production
and sales capacity of approximately 550kt per year of monoammonium
phosphate (“MAP”), MAP with micronutrients
(“MAP+”), superphosphoric acid
(“SPA”), merchant grade phosphoric acid
(“MGA”) and specialty products including ammonium
polyphosphate (“APP”) located in Idaho, US;
- Itafos Arraias – a phosphate
fertilizer business with production and sales capacity of
approximately 500kt per year of single superphosphate
(“SSP”), SSP with micronutrients
(“SSP+”), premium PK compounds and approximately
40kt per year of excess sulfuric acid located in Tocantins,
Brazil;
- Itafos Farim – a high-grade
phosphate mine project located in Farim, Guinea-Bissau;
- Itafos Paris Hills – a high-grade
phosphate mine project located in Idaho, US;
- Itafos Santana – a vertically
integrated high-grade phosphate mine and fertilizer plant project
located in Pará, Brazil;
- Itafos Mantaro – a large phosphate
mine project located in Junin, Peru; and
- Itafos Araxá – a vertically
integrated rare earth elements and niobium mine and extraction
plant project located in Minas Gerais, Brazil.
For more information, or to join the Company’s
mailing list to receive notification of future news releases,
please visit the Company’s website, www.itafos.com.
Forward Looking Information
Certain information contained in this news
release constitutes forward looking information. All information
other than information of historical fact is forward looking
information. The use of any of the words “intend”, “anticipate”,
“plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,
“should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forward looking information.
This information involves known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
information. No assurance can be given that this information will
prove to be correct and such forward looking information included
in this news release should not be unduly relied upon.
Forward looking information is subject to a
number of risks and other factors that could cause actual results
and events to vary materially from that anticipated by such forward
looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in
forward-looking statements include, but are not limited to, those
risk factors set out in the Company’s Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Readers are cautioned that
the foregoing list of risks, uncertainties and assumptions are not
exhaustive. The forward-looking information included in this news
release is expressly qualified by this cautionary statement and is
made as of the date of this news release. The Company undertakes no
obligation to publicly update or revise any forward-looking
information except as required by applicable securities laws.
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 NEWS RELEASE.
For further information, please
contact:
Itafos Investor
Relationsinvestor@itafos.comwww.itafos.com
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