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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 |
2018 Highlights
Xavier de Carnière, Chief Executive Officer of Feronia Inc. commented:
“The increase in production in 2018 was in line with expectations, and highlights the predictability we are beginning to experience in the operational aspect of this business. The same cannot be said for palm oil prices though, which were very disappointing, especially Palm Kernel Oil, which hampered our ability to fund the final steps towards profitability through our operational cash flow. However, we are seeing signs of price recovery in 2019.
“Our optimism also extends to the work started on the Lokumete mill, which is expected to be one of the most modern palm oil mills in Africa when completed. We are also pleased to report that our research division, the Centre de Recherche en Agronomie Tropicale de Yaligimba (Creaty), is making progress in re-establishing our research and development initiatives as world class.
“The election in the DRC in late 2018 created considerable uncertainty for both the Company and people in the DRC. Completion of the election and the peaceful transition of power reinforces our confidence that we are building a company in a country which has tremendous potential and is showing steady progress.
“The DRC was once a leader in palm oil and, in many ways, where industrial palm oil cultivation began. Various challenges have affected the country over the years and it lost its position of prominence and became a substantial importer of palm oil and derivative products. With increased stability, the DRC can again look to regain its position at the forefront of the palm oil industry and we will play an important role in it achieving that.”
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, 2018, 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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