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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Feronia Inc | TSXV:FRN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.035 | 0.015 | 0.04 | 0 | 01:00:00 |
TORONTO, ONTARIO--(Marketwired - May 30, 2014) - Feronia Inc. ("Feronia" or the "Company") (TSX-VENTURE:FRN) today released its unaudited financial results for the three months ended March 31, 2014. All amounts in this release are expressed in US dollars unless otherwise indicated.
Q1 2014 Highlights
Subsequent Events
Ravi Sood, Chairman of Feronia Inc. commented: "The Company continued to make good progress across all key operating metrics during Q1 with the 61% year-over-year improvement in FFB production driven largely by 3,368 hectares of mature palms at Yaligimba becoming harvestable following the new mill's completion in Q4 2013.
"During the quarter there were significant improvements in yields, harvesting and evacuation although FFB yield per hectare remained flat year-on-year. This is a direct result of the rehabilitation of the Yaligimba plantation and 1,000 hectares of newly mature (and therefore currently low-yielding) palms coming into production during the period. We anticipate a significant improvement in realised yields from Yaligimba over the coming months and from our new plantings over the longer term.
"Whilst we still have substantial work remaining to optimise yields and oil production, we are confident that with our re-planting programme and rigorous ESG processes we are continuing to create shareholder value and doing so in the most environmentally and socially sustainable manner possible."
About Feronia Inc.
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 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 annual Management's Discussion and Analysis for the year ended December 31, 2013, 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.
Ravi SoodChairman, Feronia Inc.(647) 987-7663Ravi.Sood@feronia.comwww.feronia.comPaul DulieuInvestor Relations Manager, Feronia Inc.44 (0)7554 521421Paul.Dulieu@feronia.comwww.feronia.com
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