Press release
St Helier, Jersey
August 4, 2009
BLACK EARTH FARMING ANNOUNCES MANAGEMENT CHANGES
Black Earth Farming Ltd. (“Black Earth Farming” or “the Company”), a leading
farming company operating in Russia, announces that Igor Smolkin - General
Manager of the Company's Russian operational entity - Agro-Invest, has
resigned, effective immediately.
Michael Shneyderman - the Black Earth Farming Group's Chief Financial Officer
will assume the position of General Manager of Agro-Invest until further and
Alexander Kim, Deputy President of Black Earth Farming with a background within
Vostok Nafta Investment Ltd has been appointed Deputy General Manager of
Agro-Invest.
Sture Gustavsson, CEO and President of Black Earth Farming, commented,
"On behalf of the whole Company and the Board of Directors, I would like to
thank Igor Smolkin for his work. The Company will continue working on
optimizing sales, improving productivity, reducing costs and increasing our
internal storage capacity.”
For additional information, please contact:
Gustav Wetterling, IR Director, Black Earth Farming Ltd., tel: +44 207 117 81 00
Notes to Editor:
Black Earth Farming Ltd. is a leading farming company, publicly listed in
Stockholm and operating in Russia. It acquires, develops and farms agricultural
land assets primarily in the fertile Black Earth region in southwest Russia.
Black Earth Farming has gained a strong market position in the Kursk, Tambov,
Lipetsk, Samara, Voronezh and Ryazan areas, controlling some 321,000 hectares
of what perhaps is the world's most fertile soil.
In 2008 Black Earth Farming harvested 141,900 hectares and in 2009 it plans to
harvest over 181,000 hectares, effectively making it one of the world's largest
farming companies by planted area. The Company's main products are wheat,
barley, corn, sunflowers and rape seeds.
Corporate website: www.blackearthfarming.com
