Feronia Inc. Reports Q1 2015 Results

TORONTO, ONTARIO--(Marketwired - May 29, 2015) - Feronia Inc. ("Feronia" or the "Company") (TSX VENTURE:FRN) today released its financial results for the quarter ended March 31, 2015. All amounts in this release are expressed in US dollars unless otherwise indicated.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended 31 March 2015 will be available under the Company's profile on www.sedar.com.

Q1 2015 Highlights

• Produced 18,613 tonnes of fruit (Q1 2014: 15,405 tonnes), a year-over-year increase of 21%
• Produced 3,599 tonnes of Crude Palm Oil ("CPO") (Q1 2014: 2,851 tonnes), a year-over-year increase of 26%
• Increase in revenue of 54% to $2.5 million (Q1 2014: $1.6 million) including from the sale of:
  • 2,917 tonnes of CPO at an average price of $777 per tonne (Q1 2014: 1,813 tonnes at $798 per tonne)
  • PKO sales of $152,000 (Q1 2014: $112,000)
• Gain on biological assets of $12,653,000 (Q1 2014: loss of $2,238,000.
• Net income of $4,369,348 or $0.08 per share (Q1 2014: net loss of $4,759,541 or ($0.09) per share)
• Fresh fruit bunch ("FFB") yield of 1.71 tonnes per mature hectare ("ha") (Q1 2014: 1.60 tonnes per mature ha)
• Oil extraction rate ("OER") of 19.3% (Q1 2014: 18.5%)
• Entered into subscription agreements for private placement of up to $16.325 million of secured convertible debentures led by CDC Group plc, the UK Government's Development Finance Institution and including Ravi Sood, Executive Chairman of Feronia. On January 22, 2015, a first tranche of $7.15 million closed and subsequent tranches of the offering will close at the option of the majority holders of the Debentures and upon the meeting of certain conditions.

Xavier de Carnière, Chief Executive Officer of Feronia Inc. commented:

"Looking at what Feronia has achieved over the past few years, I am fortunate to be surrounded by a team of seasoned professionals who know how to maximize available resources in the best interest of the Company, whilst achieving incredible results.

"The management and employees of the Company have shown such dedication to this business and the level of teamwork has been outstanding. All of their hard work is now beginning to yield results as, one by one, the indicators on our dashboard turn green and the Company begins to perform as we have always known it will. Take-off is quickly approaching and our next challenge will be to prepare for a fast ascent.