DuSolo Announces Fiscal 2016 Year End Financial Results
(Thomson Reuters ONE) -
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 1, 2017) - DuSolo Fertilizers
Inc. (TSX VENTURE: DSF) ("DuSolo" or "the Company") is pleased to announce its
year end production, sales and financial results for fiscal 2016, which had been
delayed from January 30, 2017 as previously disclosed. There have been
significant changes to the Company over the 12 months preceding September
30, 2016, including a change of directors and senior management in 2015 and
development of new products, exploration, plant and extraction improvements and
corporate re-organization in Brazil. The Company continues to make good progress
in all areas, including increasing sales to customers of its Direct Application
Natural Fertilizer ("DANF") phosphate rock products and rationalization of its
assets to focus on value-add projects for the Company and its shareholders.
For the fiscal year ended September 30, 2016, DuSolo sold 30,450 tonnes of DANF
product of varying grades (for the year ended September 30, 2015 - sold 12,289
tonnes of DANF).
Revenue for the fiscal year ended September 30, 2016 was $2,394,405 and gross
profit for the same time period was $1,180,996. Net loss for the fiscal year
ended September 30, 2016 was $4,071,748 (for the year ended September 30, 2015 -
$6,290,065). This translates to a loss per common share (basic and diluted) of
$0.02 for the fiscal year ended September 30, 2016 (for the year ended September
30, 2015 - $0.05 per share).
Chief Executive Officer, Giles Baynham noted that "The Company is now seeing the
benefits of the efforts of management over the past 18 months. We are working
toward achieving a number of milestones in 2017, including finalization of the
DANF Preliminary Economic Assessment, obtaining further exploration results and
permitting, advancing product development and increasing the size of our DANF
market. I want to thank all those management and staff, consultants, advisors
and our directors for their hard work and support through this period."
The Company's cash position as at September 30, 2016 was $2,354,728 (including
$43,745 that was restricted). For more information, please refer to the
management discussion and analysis and financial statements filed on SEDAR at
www.sedar.com.
On behalf of DuSolo Fertilizers Inc.
Giles Baynham, Chief Executive Officer and Director
FORWARD-LOOKING STATEMENTS
Certain information contained in this press release constitutes "forward-looking
information", within the meaning of Canadian legislation. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur", "be achieved" or "has the potential to".
Forward looking statements contained in this press release may include
statements regarding the future operating or financial performance of DuSolo
which involve known and unknown risks and uncertainties which may not prove to
be accurate. Actual results and outcomes may differ materially from what is
expressed or forecasted in these forward-looking statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties surrounding
future expectations. Among those factors which could cause actual results to
differ materially are the following: market conditions and other risk factors
listed from time to time in our reports filed with Canadian securities
regulators on SEDAR at www.sedar.com. The forward-looking statements included in
this press release are made as of the date of this press release and DuSolo
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities legislation.
For more information please refer to the technical report filed on SEDAR and
titled "Bomfim Agro-Mineral Phosphate Project, Technical Report and Initial
Resource Estimate Tocantins and Goias States, Brazil," filed on March 5, 2014,
effective December 31, 2013, and amended on February 6, 2015. The resource
estimate was signed off by Mr. Porfirio Cabaleiro Rodriguez an Associate
Consultant of Coffey Consultoria e Servicos Ltda., and was prepared in
compliance with the standards of disclosure as set out in NI43-101. Mr.
Rodriguez is an "independent qualified person" for the purposes of NI43-101
Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators.
Disclosure - The Company's decision to produce DANF, its DANF production targets
and cash flow projections were not based on a feasibility study of mineral
reserves demonstrating economic and technical viability. Without a technical
report demonstrating economic and technical viability, there is uncertainty as
to whether the Company will be able to economically produce DANF in a long run
and as to whether the Company will be confronted with any unforeseen technical
impediments. Similarly, the Company has not completed a preliminary economic
assessment before making production and project expansion decisions.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this press release.
Contacts:
DuSolo Fertilizers Inc.
ir(at)dusolo.com
(604) 484 7122
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DuSolo Fertilizers via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 02.03.2017 - 03:47 Uhr
Sprache: Deutsch
News-ID 527600
Anzahl Zeichen: 6688
contact information:
Town:
Vancouver, BC
Kategorie:
Business News
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