Verde AgriTech appoints new CFO and provides sales update
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BELO HORIZONTE, Brazil, March 05, 2019 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: NPK) ("Verde” or the “Company”) is pleased to welcome Felipe Buscacio Paolucci as the Chief Financial Officer (“CFO”).
Mr. Paolucci is an executive with over 15 years of experience in finance in multinational companies such Arysta (UPL), Unilever and Deloitte.
Mr. Paolucci has over 9 years of experience in the agricultural business working for Arysta, a part of the UPL group, the world’s fifth largest agrochemical and biosolutions company, with over USD 5 billion of sales. As an executive at Arysta, he focused on finance, logistics, procurement and planning across both Brazil and Latin America. Mr. Paolucci holds an MBA from Insper and a BA in management and finance from Fumec University, Brazil.
Mr. Paolucci will be based in Belo Horizonte, Brazil, and will replace Mr. Tim Slater, who has acted as the Company’s interim CFO for the past few years, based out of London, UK. Verde is thankful to the outstanding job that Mr. Slater has performed over the years in the position of CFO.
Mr. Paolucci declared: “After carefully analyzing multiple companies, my choice for Verde comes down to one word: ‘future’. The Company has a clear and solid strategy for future growth buttressed by Brazil’s strong agricultural sector and with an upside potential in international markets. I am eager to tackle the challenges that will make Verde a market leader.”
President and CEO, Cristiano Veloso, commented: “It is a pleasure for Verde to have Mr. Paolucci join as its CFO. He will be working close to our growing team in Brazil, especially overseeing trade finance and capital expenditure. Mr. Paolucci has significant experience in the agricultural market in Brazil and is choosing Verde because he believes in the massive market opportunity we are seizing upon, so much so that he is investing over six figures in the Company’s ongoing private placement.”
Delivery of Orders for 2018 and Incoming Orders for 2019
The Company delivered 29,647 tonnes of product in 2018, having had to waive over 17,000 tonnes of orders because the mine and processing plant were closed down early because of the earlier than usual rainy season. Previously, in 2017, total sales approached 5,000 tonnes.
Orders for the 2019 season were opened late 2018 and Verde has already received orders for over 14,170 tonnes, down payment for which has been mostly received. Mining and production will resume after the end of the rainy season in mid-March. The Company is aiming to sell 200,000 tonnes of product throughout 2019.
About Verde AgriTech
Verde promotes sustainable and profitable agriculture through the development of its Cerrado Verde Project. Cerrado Verde, located in the heart of Brazil’s largest agricultural market, is the source of a potassium-rich deposit from which Verde intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
Neither the Unit Securities nor the Warrant Shares have been or will be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy Unit Securities or Warrant Shares in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email:
Cautionary Language and Forward Looking Statements
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This press release contains certain "forward looking statements", which include but is not limited to, statements with respect to the future financial or operating performance of the Company, its subsidiaries and its projects, and statements regarding use of proceeds. Forward looking statements can generally be identified by the use of words such as "plans", "expects", or "does not expect" or "is expected", "anticipates" or "does not anticipate", or "believes", "intends", "forecasts", "budget", "scheduled", "estimates" or variations of such words or phrases or state that certain actions, event, or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved". Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by said statements. There can be no assurances that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in said statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Verde AgriTech plc” on SEDAR at The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
