TORONTO, ONTARIO--(Marketwired - June 20, 2017) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today announces a change to its board of directors. At the Company's annual meeting the shareholders approved the election of all director nominees. Peter van As did not stand for reelection and Paul Wythe was elected in his place as a nominee of Phatisa. Each of the directors was elected to hold office until the next annual meeting of shareholders or until a successor is duly elected or appointed.
Mr. Wythe is a senior partner at Phatisa, the fund manager of the Africa Agriculture Fund and the Pan African Housing Fund. He holds a degree in economics and has been a qualified chartered accountant since 1985. He spent three years with Deloitte in Central London prior to being Head of Internal Audit at Lonrho East Africa (Nairobi), Finance Director at the British Printing Company Limited, Country Finance Director at Lonrho Africa Plc (Malawi), and Corporate Development Director, Africa with the James Finlay Group (Africa). Mr. Wythe has also been involved in interim management and consultation work and has extensive international experience in Africa and a wide range of strengths including finance, supply chain management, project management, restructuring, human resources and change management.
Frank Braeken, Chairman of Feronia commented: "It is my pleasure to welcome Paul Wythe to the board of directors. His wealth of experience will be an asset to the ongoing development of our business. I would also like to thank Peter van As for his dedicated service to the Company."
Following the election of directors, the board of directors of Feronia Inc. will consist of the following individuals:
The above noted change to the board of directors is subject to the approval of the TSX Venture Exchange.
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 www.sedar.com. 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.
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