TORONTO, March 24, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (“Feronia” or the “Company”) (TSX-V: FRN) today announced that Bernard Francois will cease as the Company’s Chief Executive Officer and as a director of the Company’s applicable subsidiaries with immediate effect and will leave the Company on May 1, 2020.
Mr. Frank Braeken, currently Non-Executive Chairman, has become Interim Executive Chairman.For further information please contact: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 the thousands of people we directly employ.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 an Environmental and Social Action Plan which is focused on implementing environmental and social best practice and improving social infrastructure.Feronia 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.comNeither 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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