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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 |
2017 Highlights
Xavier de Carnière, Chief Executive Officer of Feronia Inc. commented:
“We take great pride in what we have accomplished in 2017. We have achieved a 31% production increase in one year (62% in two years), whilst continuing to develop our social and environmental efforts, entering into agreements with our communities, reducing our cost of production, bringing a new significant shareholder on board, finalizing the disbursement of our loan facility, reinforcing our team, increasing our workforce’ salaries to reflect the consumer price index in the DRC, commissioning possibly Africa’s most modern boiler & turbine in Yaligimba, kick-starting the rehabilitation of our Lokumete mill and commencing our Boteka boiler & turbine projects.
“Whilst a moment of proud reflection is warranted, there is still much to be done before we can confidently consider that we have reached cruising altitude. For instance, the variable portion of our cost of production, including transport costs and labour efficiency, require improvement. Absenteeism at the plantations remains a serious concern. Our housing renovation programme is not progressing as fast as we hoped, partly because of difficulties in bringing the right skills to the sites. Agricultural upkeep standards are not at the required level yet, although they are rapidly improving, and downtime at our Lokutu and Boteka mills are still above acceptable levels; a direct consequence of insufficient preventative maintenance.
“We have demonstrated our ability to face difficult challenges as a team, and overcome them one by one. We are now confidently capitalizing on that ability and the trend is clearly pointing in the right direction and we are delivering on our business plan.
“Together we have the skills, the determination and the passion. The challenges before us may still be plenty, but we are confident that we will succeed.”
For further information please contact:
Xavier de CarniereChief Executive Officer, Feronia Inc.44 (0)7468 697 658xavier.decarniere@feronia.comwww.feronia.com | Paul DulieuDirector of Communications and Corporate Development, Feronia Inc.44 (0)7554 521421 paul.dulieu@feronia.comwww.feronia.com |
About Feronia Inc.
Cautionary NotesExcept 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, 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.
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