Feronia Inc. Continues Expansion Into Arable Farming
January 10 2011 - 9:59AM
Marketwired
Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) is
pleased to announce that it has sown its first crop of edible beans
at its 10,000 hectare arable farming operation in Bas Congo
province, Democratic Republic of Congo. To date 600 hectares of
past- producing farmland have been cleared, 300 hectares plowed,
and 17 hectares sown.
"We expect to harvest this crop in March and continue to expand
our arable farming operations throughout the year to 1,000 hectares
sown in October. Feronia is one of Africa's leading palm oil
producers and after 2 years of planning and preparation, we have
now formally extended our production operations into arable farming
which we plan to expand rapidly in the coming years," said Raymond
Batanga, COO Arable Farming of Feronia Inc.
"The DRC has the greatest potential to meet the world's growing
food demands and Feronia is working to make this a reality. The
world is now facing food prices that exceed the levels reached in
2008 that set off riots around the world. The cost of food has
climbed approximately 25 percent from levels in December, 2009
according to FAO figures. In 2008 we faced rapid and unprecedented
increases in petroleum, fertilizer and other input prices. These
factors have not been the primary drivers of the current dramatic
price increases. The current price moves have been driven by
supply-side failures and the need to stretch production into
increasingly marginal areas in order to meet the world's sharply
growing demand. According to the FAO, global food production will
have to rise 70 percent by 2050 as the world population expands to
a forecast 9.1 billion from a current 6.8 billion," said Mr. James
Siggs, CEO of Feronia Inc.
About Feronia Inc.:
Feronia Inc. is a large-scale commercial farmland and plantation
operator in the Democratic Republic of the Congo ("DRC"). The
Company uses modern agricultural practices to operate and develop
its oil palm plantations and arable farming business division.
Feronia believes in the immense agricultural potential of the DRC
for high-quality foodstuffs and edible oils given its ideal
climate, excellent soil and highly skilled and experienced
workforce. Feronia's management team is comprised of senior
agriculturalists with extensive experience in managing both
plantations and large-scale mechanized farming operations in
emerging markets. Feronia is committed to sustainable agriculture,
environmental protection and providing support for local
communities. For more information please see, www.feronia.com.
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
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the stated use of proceeds; plan of operations and comparative
advantages; and benefits of this investment. 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, regulatory risks, risks inherent
in foreign operations, commodity prices, competition, and
investments having no history of operations. 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. Mr. Ravi Sood Chairman 1-416-907-2026
Ravi.Sood@feronia.com www.feronia.com
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