Feronia Inc. Completes Rice Planting
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) is pleased to announce that it has completed the planting of 500 hectares (ha) of rice at its 10,000 ha arable farming operation in the Bas-Congo province of the Democratic Republic of the Congo ("DRC").
The crop is expected to be harvested and processed in February 2013 and subsequently sold into the domestic market.
The Company planted NERICA-4(R) (New Rice for Africa-4), an upland rice variety suited to African soil and weather conditions. NERICA(R) has been developed by the Africa Rice Centre as part of a project funded by the African Development Bank, the Japanese government, and the United Nations Development Programme.
Bill Dry, CEO of Feronia, commented: "This planting represents the continuation of Feronia's programme to improve yields and prove the commercial viability of its arable farming operations."
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.
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