Le Lézard
Classified in: Ebola virus, Business
Subject: EARNINGS

Feronia Inc. Reports Q1 2018 Results


TORONTO, May 30, 2018 (GLOBE NEWSWIRE) -- Feronia Inc. ("Feronia" or the "Company") (TSX-V:FRN) today released its unaudited financial results for the quarter ended March 31, 2018.  All amounts in this release are expressed in US dollars unless otherwise indicated.

Q1 2018 Highlights

Xavier de Carnière, Chief Executive Officer of Feronia Inc. commented: "Whilst production levels continue to improve and, at first glance, it would be easy to consider that much of the hard work required to turn this business around has been completed, the reality is that there is still much to be done and considerable challenges to overcome.

"Our Lokutu mill is currently not as reliable as we would want, creating a bottleneck that we must overcome rapidly if we want to cope with the increasing fruit production. At Boteka, the commissioning of our fibre boiler has suffered some delay and, with it expected to come on-line in late June 2018, considerable work will be required to make up for missing part of the peak production period. Fortunately, our new boiler and turbine at Yaligimba are performing like a Swiss watch and are fully meeting our expectations.

"Aside from the technical challenges that we continue to overcome one by one, we have now started implementing the clauses of our social contracts recently entered into with our communities. We also have adjusted the salaries of our workforce, in line with the inflation index system that we put in place last year, to maintain the purchasing parity of our workers' income.

"We are no strangers to the challenges often faced when operating in the DRC but are, as we have always been, fully committed to ensuring that our employees and local communities benefit from our presence. In that regard, we have recently dedicated extra efforts and resources to help local authorities, our workers and our communities should the recent Ebola outbreak in the DRC affect Boteka. We hope that our commitment is not tested in this instance but, should it be, we are ready."

For further information please contact:

Xavier de Carniere
Chief Executive Officer, Feronia Inc.
44 (0)7468 697 658
[email protected]
www.feronia.com
Paul Dulieu
Director of Communications and Corporate Development, Feronia Inc.
44 (0)7554 521421
[email protected]
www.feronia.com

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 two major customers, 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, 2017, 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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