Feronia Inc. Celebrates 100 Years of Operation at Its Oil Palm Plantations
May 27 2011 - 10:33AM
Marketwired
Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE: FRN) is
pleased to announce that on May 28, 2011 it will be celebrating 100
years of continuous operation at its oil palm plantations
subsidiary, Feronia PHC. Commencing operations on May 19, 1911, the
plantations have been in continuous operation since this time.
Feronia PHC currently employs approximately 4,000 people making it
one of the largest private sector employers in Central Africa.
Feronia PHC operates in the Equateur and Orientale provinces of
the Democratic Republic of Congo ("DRC"). The operation consists of
three established plantations located along the Congo River,
Lokutu, Boteka and Yaligimba. The plantations span 107,000 hectares
with over 2.2 million mature palm trees and over 300,000 seedlings
in the nurseries. The principal products of Feronia PHC are crude
palm oil ("CPO") and palm kernel oil ("PKO"). The CPO and PKO
products are transported by barge to the capital city of Kinshasa
where they are sold to refining factories which purchase 100% of
PHC's production. The refined products which are produced by these
factories are sold into the local market in a variety of forms.
"We are delighted to commemorate 100 years of operating in the
Democratic Republic of Congo" said James Siggs, CEO of Feronia Inc.
"Feronia PHC and its predecessor companies have been part of the
country's history and one of its largest employers since the very
creation of the nation. The DRC was once a prolific exporter of
agricultural goods. Years of exploitation and disruption by foreign
interests has left the country dependent on imports to meet its own
food and edible oil requirements. At Feronia we are building on the
tremendous history of our palm oil subsidiary, Feronia PHC. We have
a highly skilled and experienced team working to create a
profitable and sustainable business producing food and edible oils
for local consumption and export, using the best technology and
methodologies from around the world. We are optimistic that through
Feronia the DRC will once again become self-sufficient in
agricultural goods and rejoin the ranks of major exporters in the
years to come."
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. Ravi Sood Chairman (416) 907-2026
Ravi.Sood@feronia.com www.feronia.com
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