Feronia Inc. Reports Q2 2016 Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/16 -- August 26, 2016: Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) today released its financial results for the three and six months ended June 30, 2016. All amounts in this release are expressed in US dollars unless otherwise indicated.
Q2 2016 Highlights
Xavier de Carniere, Chief Executive Officer of Feronia Inc. commented: "Operations continued apace in the second quarter, our peak period, with impressive and expected increases in production resulting in the Company meeting its production targets.
"The new boiler and turbine at Lokutu are currently being commissioned; which, once complete, will have a considerable impact on production, operational capacity and efficiency at Lokutu. Such projects are important to the Company as they translate into progressively improved performance and cost savings which will help us achieve our long term goals.
"Whilst operational improvements and performance are naturally important, the wider positive effects that the ongoing resuscitation of this business has on the areas in which we operate are equally so. The majority of our expenditures relate to the payment of salaries, local services and taxes, all of which greatly contribute to local development. We are seeing increased economic activity around our operations, including the opening of new shops, a growing number of houses with solar panels and a wider availability of goods at lower prices. Improved operational performance also helps us in our ability to deliver an ambitious and extensive environmental and social programme.
"It is worth noting that our operational objectives and our environmental and social objectives are intrinsically interwoven. We will not succeed operationally without ensuring we deliver on our social and environmental commitments, and we will not succeed in delivering our environmental and social programme if we do not succeed operationally. It is not easy, nor will it be quick. We recognize and accept the scrutiny we are under and we are fully committed to achieving all of our objectives as we continue to rebuild this business. Seeing not just our own plantations but the surrounding regions and beyond coming back to life is our greatest reward."
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 Management's discussion and Analysis for the year ended December 31, 2015, a copy of which is available on the Company's SEDAR profile at . 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.
Contacts:Xavier de CarniereChief Executive Officer, Feronia Inc.44 (0)7468 697 658Paul DulieuDirector of Communications & Corporate Development,Feronia Inc.44 (0)7554 521421
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Datum: 26.08.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 491305
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VANCOUVER, BRITISH COLUMBIA
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Farming
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