Feronia Inc. Announces Changes to Board of Directors

TORONTO, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Feronia Inc. ("Feronia" or the "Company") (TSX-V:FRN) today announces changes to its board of directors (the "Board") following the recent completion of the share subscription by Straight KKM 2 Limited.

Mr. Walé F. Adeoson, Mr. Kalaa Mpinga and Mr. Larry Seruma join the Board as non-executive directors nominated by Straight KKM 2 Limited, whilst Mr. Nigel Gourley has stepped down as a non-executive director.

Walé F. Adeosun is Founder and Chief Investment Officer of Kuramo Asset Management ("Kuramo"), an independent investment management firm that provides targeted global investment management services to institutional clients and ultra-high net worth individuals, with a focus on alternative assets in emerging and frontier markets. Prior to founding Kuramo, Mr. Adeosun was Treasurer and CIO at Rensselaer Polytechnic Institute where he oversaw $850 million in endowment and pension assets and he also served as Chair of the Investment Advisory Committee for the $180 Billion New York State Common Retirement Fund. Mr. Adeosun was appointed to President Obama's Advisory Council on Doing Business in Africa and was a member of the Sub-Saharan Africa Committee of the Board of the Export-Import Bank of the United States.

Kalaa Mpinga is a successful Congolese entrepreneur with extensive experience of doing business throughout Africa. Founder and former Chief Executive Officer of Mwana Africa PLC (now Asa Resource Group Plc), Mr. Mpinga has also held a number of senior positions in different locations around the world including with Anglo American Corporation in South Africa and Bechtel Corporation in San Francisco. Mr. Mpinga holds a MSc in International Agricultural Development from the University of California, Davis and a BSc in Agricultural Economics from McGill University, Canada.

Larry Seruma is Chief Investment Officer and Managing Principal of Nile Capital Management, advisor to the Nile Africa Funds which focus principally on investment opportunities in Africa and frontier and emerging economies. Mr. Seruma has over 25 years of experience in portfolio management, investment research and quantitative investment strategies and, prior to founding Nile Capital Management, was a Principal at Barclays Global Investors. Mr. Seruma also serves on the Board for the Segal Family Foundation, which focuses on improving the quality of life in Sub Saharan Africa. He has an MBA in Analytic Finance and Statistics from the Booth School of Business, The University of Chicago.

Frank Braeken, Chairman of Feronia commented: "It is with great pleasure that I welcome Walé, Kalaa and Larry to the Board. They collectively have a considerable amount of knowledge and experience with regards to investing and operating in Africa, and I am sure that their addition to the Board will prove to be hugely beneficial."

"I would like to thank Nigel for his contribution as a non-executive director over the past seven years and wish him all the very best for the future."

The above noted changes to the Board are subject to the approval of the TSX Venture Exchange.

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About Feronia Inc.

• Feronia is an agribusiness operating in the Democratic Republic of the Congo (DRC).
• At the heart of Feronia lies a long established palm oil business, Plantations et Huileries du Congo (PHC), which has three remotely located plantations; Lokutu, Yaligimba and Boteka.
• When Feronia acquired its palm oil business from Unilever in 2009, it had suffered from years of underinvestment and considerable disruption caused by conflict in the DRC. Our initial focus has been on rebuilding the business and resuming production to secure its future and the livelihoods of our employees.
• Feronia's plantations produce crude palm oil (CPO) and palm kernel oil (PKO). CPO is part of the staple and traditional diet of the Congolese and, with our products sold locally in the DRC, we are well placed to help decrease reliance on imports and increase food security and quality.
• Feronia prides itself on being the guardian of our 107 year-old palm oil business and its employees, communities, and environment. We have a long term commitment to improve the living and working environment of our employees and their communities and are committed to sustainable agriculture, environmental protection and community inclusion. Feronia has in place and Environmental and Social Action Plan which is focused on implementing environmental and social best practice and improving social infrastructure.
• Feronia is working towards certification by the Roundtable for Sustainable Palm Oil (RSPO) and is implementing IFC/World Bank standards for environmental and social sustainability. Our oil palm replanting programme is brownfield in nature ? replacing old palms with new ? and it has no reliance on deforestation.
• Feronia's management team has extensive experience in managing both plantations and farming operations in emerging markets.
• For more information please see www.feronia.com

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.