|By Marketwire .||
|November 23, 2012 08:11 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/23/12 -- Feronia Inc. (TSX VENTURE:FRN) ("Feronia" or the "Company"), is pleased to announce that its wholly-owned arable processing, storage and distribution division, Kimpese Agro Industries Sprl ("KAI"), has achieved practical completion of its rice mill in the Bas-Congo province of the Democratic Republic of the Congo.
The rice mill has a five tonne per hour capacity which, allowing for downtime and maintenance, can process up to 30,000 tonnes of paddy rice per annum to produce approximately 20,000 tonnes of finished rice.
The Company expects to make its first commercial sales of rice by December of this year.
Bill Dry, CEO of Feronia Inc., commented: "Completing the rice mill is a major milestone in the development of Feronia's arable farming business. The current installed capacity at the mill allows us to expand our rice production substantially once we have proven commercially compelling yields.
"This is the only large-scale mill in the region and allows us to process, not only our own crops, but those grown by local small-holder farmers. We believe that providing access to agricultural processing will encourage local farmers to increase production of staple crops for the benefit of all."
About Feronia Inc.
Feronia operates large-scale commercial oil palm plantations and has commenced an arable farming operation in the DRC. The Company, through its subsidiaries, holds concessions on land which is owned by the DRC government and on which its oil palm plantation and farming operations take place. The Company uses modern agricultural practices to operate and develop its oil palm plantations and arable farming. Feronia believes in the immense agricultural potential of the DRC for high-quality edible oils, oil derivatives and foodstuffs given the suitability of its climate and soil and the availability of a skilled workforce. The Company's management team is comprised of experienced administrative executives and 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 jobs and economic growth for local communities. For more information please see www.feronia.com.
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.