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FERONIA APPOINTS MR. WILLIAM DRY AS CEO
TORONTO, ONTARIO – July 27, 2011: 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. Mr. Dry has over 30 years of experience with large-scale agricultural 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. 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 operations 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.”
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.
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 Rights Plan. 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, the failure to obtain shareholder approval for the Rights Plan and regulatory risks. 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.
For further information please contact:
Chairman, Feronia Inc.