Feronia Inc. Reports Q2 2017 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/25/17 -- Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) today released its financial results for the three and six months ended June 30, 2017. All amounts in this release are expressed in US dollars unless otherwise indicated.
Q2 2017 Highlights
Subsequent Events
Xavier de Carniere, Chief Executive Officer of Feronia Inc. commented:
"In spite of the challenging, ongoing situation in the DRC, our sales are in line with our expectations as we continue to fulfill the agreements made with our customers in the first quarter.
"Our capital expenditure programme, funded through the loan from our DFI lenders continues apace. The new fibre boiler at Lokutu is running well and the electricity turbine will be operational shortly. We are already seeing the oil extraction rate at Lokutu steadily improve, as anticipated, and we expect this trend to continue as we rehabilitate and upgrade other elements in the production process.
"Alongside the work at Lokutu, we are in the process of installing fiber boilers and turbines at both Boteka and Yaligimba. When completed, these projects will allow us to replace thousands of litres of costly fossil fuel we currently use in both the production process and the generation of electricity, with a sustainable and free fiber as fuel. This represents the single largest cost saving in the Company's history and will have a considerable positive environmental impact in reducing our emission of greenhouse gasses.
"Palm oil is a basic and widely consumed commodity in the DRC. The steadily increasing quantity of CPO we are producing domestically means that, gradually we are fulfilling our goal of replacing expensive Asian imports with locally produced palm oil; a strategy which is already benefitting, and will increasingly benefit, the population of the DRC, the DRC economy, the environment and Feronia."
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, 2016, 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:
Feronia Inc.
Xavier de Carniere
Chief Executive Officer
44 (0)7468 697 658
Feronia Inc.
Paul Dulieu
Director of Communications and Corporate Development
44 (0)7554 521421
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Datum: 25.08.2017 - 21:00 Uhr
Sprache: Deutsch
News-ID 557869
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Farming
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