Feronia Inc. Announces Appointment of William Dry as CEO
July 27 2011 - 9:07AM
PR Newswire (Canada)
TORONTO, July 27, 2011 /CNW/ -- TORONTO, July 27, 2011 /CNW/ -
Feronia Inc. ("Feronia" or the "Company") (TSX-V: FRN) today
announced that it has appointed Mr. William Dry as the Chief
Executive Officer and a director of the Company. Mr. Dry was
previously the Company's Chief Operating Officer, Palm Oil and has
over 30 years of experience with large-scale agriculture projects
globally in countries including Cote d'Ivoire, Guinea, Liberia,
Nigeria, Papua New Guinea, Sierra Leone, Tanzania and Uganda.
Mr. Dry was the Managing Director of Pacific Rim Plantations Pty
Limited in Papua New Guinea where he was responsible for 6,000
employees and a small-holder community of 6,000 farmers operating
on a combined 40,000 hectares producing 650,000 tonnes of fruit per
annum. Mr. Dry has been an active participant with several of
the industry's governing bodies including the Roundtable on
Sustainable Palm Oil, ISO 14000, the PNG Oil Palm Industry
Corporation, the PNG Oil Palm Research Association, the Prince's
Trust, and the World Bank. Chairman, Ravi Sood commented, "The
Board of Directors of Feronia is pleased to welcome Bill as the
Company's new CEO. Bill is a well-known and highly respected
individual in the industry and the operations he managed in Papua
New Guinea are highly analogous in scale and operating dynamics to
those of Feronia. We believe Bill's experience managing
complex and large-scale agri-businesses will be invaluable to
Feronia as it continues the rehabilitation of its oil palm
plantations and scales up its arable farming and agro-processing
operations." William Dry stated, "I am honoured and excited to be
involved in the expansion of such a unique and historic oil palm
plantations company and the development of a potentially
transformational agri-business in the Democratic Republic of the
Congo. I look forward to being a part of changing the way people
view agriculture in Africa." Mr. Dry will be replacing Mr. James
Siggs who has resigned from his position as Chief Executive Officer
and a director of the Company. The resignations are effective
immediately. Mr. Siggs will remain involved with the Company as a
consultant. James Siggs added "Feronia is now established as
a large corporation. It is time for a new vision to maintain
momentum and to realise potential." Chairman, Ravi Sood expressed
his gratitude to Mr. Siggs stating "On behalf of Feronia, the other
members of the Board and the employees, I would like to thank James
for his service to the Company. Through the acquisition of
Plantations et Huileries du Congo and the expansion into
large-scale mechanized arable farming James has brought his vision
for world-class agriculture in Africa to life with Feronia. His
expertise and dedication has resulted in the creation of a company
with both tremendous economic and social development potential. We
look forward to working with James on an ongoing basis and wish him
the utmost success in his future endeavours." About Feronia Inc.
Feronia 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" 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, 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. To
view this news release in HTML formatting, please use the following
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Ravi Soodbr/ Chairman, Feronia Inc.br/ (416) 907-2026br/ a
href="mailto:Ravi.Sood@feronia.com"Ravi.Sood@feronia.com/abr/ a
href="http://www.feronia.com"www.feronia.com/a /p
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