(All figures are in Canadian dollars, unless stated otherwise. Average exchange rate in Q3 2021: C$1.00 = R$4.26)
Belo Horizonte, Brazil. Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce its financial results for the third quarter, ended on September 30, 2021 (“Q3 2021”).
Q3 2021 Financials
- Revenue increased by 169%, to $10,651,000 compared to $3,956,000 in the third quarter of 2020 (“Q3 2020”).
- Revenue in Brazilian Real (“R$”) increased by 206%, to R$45,409,000 compared to R$14,815,000 in Q3 2020.
- Gross margin increased to 77% in Q3 2021, compared to 67% in Q3 2020.
- Operating profit before non-cash events increased by 124%, to $3,665,000 compared to $1,635,000 in Q3 2020.
- Trade and other receivables increased by 141%, to $8,238,000 compared to $3,415,000 in Q3 2020.
- Sales by volume increased by 45%, to 153,674 tonnes sold compared to 105,769 tonnes sold in Q3 2020.
- Net profit increased by 192% in Q3 2021, to $3,183,000, compared to $1,090,000 in Q3 2020.
“Our hard work over the years is yielding consistent growth since production started in 2017. In Q3 2021 the effort was relentless as we sought to meet our heightened target, which was achieved thanks to the high quality and commitment of our team. We will endeavour to maintain an exponential growth expansion for the foreseeable future”, said Cristiano Veloso, Verde’s Founder and CEO.
Subsequent Events
- In October 2021, the Company has secured $3.75 million (R$16 million) in loan agreements to fully cover the capital expenditure for the construction of Plant 2. The first $1.17 million (R$5 million) was released to the Company by Santander. The remaining $2.58 million (R$11 million) was approved in the same month by Santander and Bradesco, to be drawn down according to the project requirements. The total construction cost of Plant 2 is expected to be $5.16 million (R$22 million) with $1.41 million (R$6 million) invested through internally generated cashflow.
“From September onwards, market demand has outstripped Plant 1’s operational capacity. Therefore, after having invested over C$66 million to reach our current rate of production, we are proud to finance the tripling of current capacity based on debt and cashflow alone. Many shareholders have continuously supported Verde over the years – it is therefore gratifying to reciprocate by growing through a shareholder-friendly dilution-free strategy”, declared Mr. Veloso.
2021 Guidance
The Company is pleased to announce another increase in its 2021 guidance. The new target is set at R$110 million of revenue for 2021, which would represent an increase of 120% to the Company’s original guidance of R$50 million. If achieved, this new target will represent a 212% growth Year-on-Year (“YoY”).
Selected Annual Financial Information
The table below summarizes Q3 2021 financial results compared to Q3 2020 and provides information about 2021 and 2020 year-to-date (“YTD”). All amounts in CAD $’000.
| CAD $’000 |
Q3 2021 |
Q3 2020 |
YTD 2021 |
YTD 2020 |
| Tonnes sold ‘000 |
154 |
106 |
266 |
187 |
| Revenue per tonne sold $ |
69 |
37 |
63 |
37 |
| Production cost per tonne sold $ |
(16) |
(12) |
(17) |
(14) |
| Gross Profit per tonne sold $ |
53 |
25 |
47 |
23 |
| Gross Margin |
77% |
67% |
74% |
63% |
|
|
|
|
|
| Revenue |
10,651 |
3,956 |
16,858 |
6,957 |
| Production costs |
(2,452) |
(1,316) |
(4,440) |
(2,602) |
| Gross Profit |
8,199 |
2,640 |
12,418 |
4,355 |
| Gross Margin |
77% |
67% |
74% |
63% |
| Sales and product delivery freight expenses |
(4,022) |
(570) |
(6,789) |
(1,596) |
| General and administrative expenses |
(512) |
(435) |
(1,631) |
(1,203) |
| Operating Profit before non-cash events |
3,665 |
1,635 |
3,998 |
1,556 |
| Share Based and Bonus Payments (Non-Cash Event) (1) |
(13) |
(339) |
(1,528) |
(407) |
| Depreciation and Amortisation |
(20) |
(3) |
(35) |
(18) |
| Profit on disposal of plant and equipment |
– |
(18) |
9 |
(18) |
| Operating Profit after non–cash events |
3,632 |
1,275 |
2,444 |
1,113 |
| Income tax |
(352) |
(136) |
(571) |
(252) |
| Interest Income/Expense |
(98) |
(49) |
(229) |
(119) |
| Net Profit |
3,182 |
1,090 |
1,644 |
742 |
(1) – Included in General and Administrative expenses in financial statements.
Q3 2021 compared with Q3 2020
For Q3 2021 the Company generated a net profit of $3,182,000, an increase of $2,093,000 compared to Q3 2020. The earnings per share was $0.06, compared to $0.02 for Q3 2020.
Product Sales
In Q3 2021, the Company sold 153,674 tonnes, an increase of 45% in comparison to Q3 2020. BAKS® accounted for approximately 10% of Verde’s sales in Q3 2021.
Revenue
Revenue from sales for Q3 2021 was $10,651,000 from the sale of 153,674 tonnes of the Product, at $69 per tonne sold. Despite the 14% Brazilian Real devaluation against the Canadian Dollar, revenue per tonne was higher than Q3 2020 ($37 per tonne sold) mainly due to three factors:
- Product volume sold as CIF (Cost Insurance and Freight) increased from 14% of total sales in Q3 2020 to 50% in Q3 2021.
- Potassium Chloride CIF (Minas Gerais) price increased from US$290-US$310 per tonne in Q3 2020 to US$515-790 per tonne in Q3 2021 (as reported by Acerto Limited, a market intelligence firm).
- BAKS has a higher sales price per tonne than the Product, it was launched in Q4 2020 and in Q3 2021 it accounted for 10.5% of the total volume sold.
Production costs
Production costs in R$ include all direct costs from mining, processing, and the addition of the other nutrients such as Sulfur and Boron, the logistics from the mine to the factory and related salaries. Production costs for Q3 2021 were $2,452,000, an increase of $1,136,000 compared to Q3 2020. Cost per tonne for the quarter was $16 compared to $12 for the same period in 2020. This increase was due in large part to higher fuel prices, which increased 80% in Q3 2021 compared to Q3 2020, and due to the production of BAKS, which has a higher cost per tonne because its feedstock includes other nutrients that Verde purchases from third parties.
Sales Expenses
| CAD $’000 |
Q3 2021 |
Q3 2020 |
YTD 2021 |
YTD 2020 |
| Sales and marketing expenses |
(601) |
(294) |
(1,241) |
(796) |
| Fees paid to independent sales agents |
(188) |
(12) |
(260) |
(145) |
| Product delivery freight expenses |
(3,233) |
(264) |
(5,288) |
(655) |
| Total |
(4,022) |
(570) |
(6,789) |
(1,596) |
Sales and marketing expenses
Sales and marketing expenses include employees’ salaries, car rentals, travel within Brazil, hotel expenses, customer relationship management (CRM) software licenses, and the promotion of the Product in marketing events. Expenses increased by $483,000 in Q3 2021 compared to Q3 2020 mainly due to a further expansion of Verde’s sales and marketing team, with professional headcount increasing from 32 in Q3 2020 to 57 in Q3 2021. This increase is in line with the Company’s accelerated growth strategy. The Company’s sales and marketing team had 50 employees in Q2 2021.
Fees paid to independent sales agents
As part of Verde’s marketing and sales strategy, the Company pays out commissions to its independent sales agents. Fees paid to sales independent agents increased by $176,000 in Q3 2021 compared to Q3 2020. This was mainly due to an overestimated provision of $80,000 for Q1 and Q2 2020, which left a surplus that was therefore deducted from the Q3 2020 costs. Taking into account the surplus, the expenses increased by $96,000 for Q3 2021, due to increased sales success.
Product delivery freight expenses
Product delivery freight expenses were $2,969,000 higher in Q3 2021 compared to Q3 2020 as the Company has significantly increased the volume sold as CIF (Cost Insurance and Freight), up from 14% of total sales in 2020 to 50% in 2021 and due to higher fuel prices, which increased 80% in Q32021 compared to Q3 2020.
General and Administrative Expenses
| CAD $’000 |
Q3 2021 |
Q3 2020 |
YTD 2021 |
YTD 2020 |
| General administrative expenses |
(291) |
(240) |
(1,009) |
(656) |
| Legal, professional, consultancy and audit costs |
(134) |
(160) |
(399) |
(444) |
| IT/Software expenses |
(82) |
(26) |
(204) |
(75) |
| Taxes and licenses fees |
(5) |
(9) |
(19) |
(28) |
| Total |
(512) |
(435) |
(1,631) |
(1,203) |
General administrative expenses
These costs include general office expenses, rent, bank fees, insurance, foreign exchange variances and remuneration of executive and administrative staff in Brazil. The costs have increased by $51,000 in Q3 2021 compared to Q3 2020 as they include an additional 36 administrative employees, with professional headcount increasing from 20 in Q3 2020 to 56 in Q3 2021 to support the Company’s growth and due to incentive compensation. The Company had 47 administrative employees in Q2 2021.
Legal, professional, consultancy and audit costs
Legal and professional fees include legal, professional, consultancy fees along with accountancy, audit and regulatory costs. Consultancy fees are consultants employed in Brazil, such as accounting services, patent process, lawyer’s fees and regulatory consultants. The costs in Q3 2021 are $26,000 lower than Q3 2020 mainly due to audit cost reduction and Brazilian Real devaluation against Canadian dollar.
IT/Software expenses
IT/Software expenses include software licenses such as Microsoft Office, CRM and enterprise resource planning (ERP). In Q3 2021 expenses were $82,000, an increase of $56,000 on Q3 2020 due to an increase in the number of software licenses used by the Company.
Taxes and licences
Taxes and licence expenses include general taxes, product branding and licence costs. In Q3 2021, expenses were $5,000 compared to $9,000 in Q3 2020.
Share Based and Bonus Payments (Non-Cash Event)
These costs represent the expense associated with stock options granted to employees and directors and non-cash bonuses paid to key management.
Share Based Payments costs in Q3 2021 represent the expense associated with stock options granted to employees as part of the Company’s long-term incentive programme. These are measured under the Black-Scholes Model.
Q3 2021 Results Conference Call
The Company will host a conference call on Wednesday, November 24, 2021 at 09:00 am Eastern Time, to discuss Q3 2021 results and provide an update. Subscribe using the link below and receive the conference details by email.
The questions can be submitted in advance through the following link: https://bit.ly/Q3-2021-QuestionForm
The Company’s first quarter financial statements and related notes for the period September 30, 2021
are available to the public on SEDAR at www.sedar.com and the Company’s website at www.investor.verde.ag/.
Investors Newsletter
Subscribe to receive the Company’s monthly updates at:
http://cloud.marketing.verde.ag/InvestorsSubscription
The most recent edition of the newsletter can be accessed at: https://bit.ly/InvestorNL-October2021
About Verde AgriTech
Verde is an agricultural technology company that develops and produces fertilizers. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable for farmers. We work to improve the health of all people and the planet.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: investor@verde.ag
www.investor.verde.ag | www.supergreensand.com | www.verde.ag
Belo Horizonte, Brazil. Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) announces that it has voluntarily filed amended and restated financial statements and management’s discussion and analysis for the quarters ending March 31, 2021 and June 30, 2021 (the “Amended and Restated Interim Filings”). The Amended and Restated Interim Filings can be found under the Company’s profile on SEDAR, accessible at www.sedar.com.
The Amended and Restated Interim Filings reflect two corrections made to the previous filings:
- A share-based payment charge was included in Q2 2021 for options issued to the Chief Executive Officer. The vesting period was interpreted incorrectly and a charge of $194,000 should have been included in the Q1 2021 income statement with a consequential reduction in Q2 2021 charge. Overall, the cumulative figures for the six months ended June 30, 2021 were correctly stated.
- Share-based bonus payments made in Q1 2021 to key management were originally not recorded in the quarter since the shares were placed into escrow, with release contingent on: 50% to be released when the shares of the Company trade above $6.45 for 10 consecutive days; 50% to be released when the Company’s sales grow approximately 10 times the 2020 total, reaching R$300,000,000 with a minimum annual audited EBITDA of R$50,000,000 (see Press Release dated March 15, 2021). Following talks with the Company’s auditors, it was determined that the payments should be recognized in Q1 2021 irrespective of the achievement of future milestones necessary for the bonus payout.
The corrections are reflected in the following table:
| All amounts in CAD $’000 |
Q1 2021 |
Q2 2021 |
Cumulative to Q2 2021 |
| Original (loss)/profit |
(1,008) |
79 |
(929) |
| Share-based payment charge reanalysed from Q2 2021 to Q1 2021 |
(194) |
194 |
– |
| Non-cash bonus (for shares) |
(609) |
– |
(609) |
| |
|
|
|
| Restated (loss)/profit |
(1,811) |
273 |
(1,538) |
| |
|
|
|
| All amounts in CAD $’000 |
Q1 2021 |
Q2 2021 |
Cumulative to Q2 2021 |
| Original share-based payment charge |
19 |
887 |
906 |
| SBP charge reanalysed from Q2 2021 to Q1 2021 |
194 |
(194) |
– |
| |
|
|
|
| Revised share-based payment charge |
213 |
693 |
906 |
| |
|
|
|
| Non-cash bonus |
609 |
– |
609 |
| |
|
|
|
| Total share-based payment non-cash bonuses |
822 |
693 |
1,515 |
Investors Newsletter
Subscribe to receive the Company’s monthly updates at:
http://cloud.marketing.verde.ag/InvestorsSubscription
The last edition of the newsletter can be accessed at: https://bit.ly/InvestorsNL-September2021
About Verde AgriTech
Verde is an agricultural technology company that develops and produces fertilizers. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable for farmers. We work to improve the health of all people and the planet.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President, Founder & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: investor@verde.ag
www.investor.verde.ag | www.verde.ag | www.supergreensand.com
Belo Horizonte, Brazil. Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce an increase in its 2021 revenue guidance to R$90 million and to provide an update regarding sales and the construction of its second production facility (“Plant 2”).
As disclosed in the press release published on November 16, 2020, the construction of Plant 2 was scheduled to begin in the second half of 2021. Groundbreaking took place in August 2021, and Plant 2 is expected to reach commercial production by Q3 2022.
Plant 2 will have an operational capacity of 1,200,000 tonnes per year (“tpy”). The new plant will raise Verde’s overall production capacity to 1,800,000 tpy.
“The Company is sold out until mid-November 2021, with new orders being pushed for delivery thereafter. Plant 2 will ensure a 200% increase in production and will be essential to help meet the market’s growing demand for Verde’s products. We are proud to be able to fund its construction through cash flow and debt, therefore avoiding the issuance of new shares”, declared Cristiano Veloso, Verde’s Founder and CEO.
Capital Expenditure
Plant 2 capital expenditure totals 22 million Brazilian Reais (“R$”), with R$6 million to be invested through internally generated cash flow and R$16 million to be debt-financed. The Company is in advanced negotiations with a number of financial institutions and expects the loan agreements will be concluded by Q4 2021.
2021 Guidance
Verde is pleased to increase its 2021 revenue target to R$90 million. This represents an 80% increase to its original guidance of R$50 million revenue. If achieved, the new target will represent a 155 growth Year-on-Year (“YoY”).
“Blitzscaling is never an easy endeavour, but I’m confident we have built the right team to continue succeeding at this challenge. It is still day 1 at Verde”, concluded Mr. Veloso.
Investors Newsletter
Subscribe to receive the Company’s monthly updates at:
http://cloud.marketing.verde.ag/InvestorsSubscription
The last edition of the newsletter can be accessed at:
About Verde AgriTech
Verde is an agricultural technology company that develops and produces fertilizers. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable for farmers. We work to improve the health of all people and the planet.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President, Founder & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: investor@verde.ag
www.investor.verde.ag | www.verde.ag | www.supergreensand.com
(All figures are in Canadian dollars, unless stated otherwise. Average exchange rate in Q1 2021: C$1.00 = R$4.33)
Belo Horizonte, Brazil. Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce its financial results for the first quarter, ended on March 31, 2021 (“Q1 2021”).
Q1 2021 Financials
- Sales increased by 63% with 16,558 tonnes sold, compared to 10,170 tonnes sold in the first quarter of 2020 (“Q1 2020”).
- The Company recognised revenue of $831,000, an increase of 63% compared to $510,000 in Q1 2020.
- Brazilian Real (“R$”) revenue increased by 113%, to R$3,599,000 compared to R$1,690,000 in Q1 2020.
- Gross margin increased to 41% in Q1 2021, compared to 35% in Q1 2020.
- In line with the Company’s expectation for Brazil’s rainy season typical of the years’ first quarter, Verde recorded a Q1 2021 net loss of $1,008,000, compared to a net loss of $792,000 in Q1 2020.
- Cash held by the Company increased by 150%, to a total of $2,021,000 in Q1 2021, compared to $806,000 in Q1 2020.
“We are excited with another strong first quarter, especially in light of the triple-digit revenue growth in local currency. We are confident 2021 will be another successful year in our fast-growth trajectory”, said Cristiano Veloso, Verde’s Founder.
2021 Guidance
The Company’s target for 2021 was to achieve R$50 million revenue, as announced in the press release disclosed on November 15, 2020. Verde is pleased to announce a 10% increase in its guidance, totalling a revenue target of R$55 million for 2021, which will represent a 56% growth YoY.
“If we continue to see strong sales in the following months above initial expectations, it is natural that the yearly guidance may be further increased over the next quarterly results”, completed Mr. Veloso.
Selected Annual Financial Information
The following table provides information about three months ended March 31, 2021 as compared to the three months ended March 31, 2020. All amounts in CAD $’000.
| C$’000 |
Q1 2021 |
Q1 2020 |
| Tonnes sold ‘000 |
17 |
10 |
| Revenue per tonne sold $ |
50 |
50 |
| Production cost per tonne sold $ |
(30) |
(32) |
| Gross Profit per tonne sold $ |
20 |
18 |
| Gross Margin |
41% |
35% |
|
|
|
| Revenue |
831 |
510 |
| Production costs |
(490) |
(332) |
| Gross Profit |
341 |
178 |
| Gross Margin |
41% |
35% |
| Sales and product delivery freight expenses |
(531) |
(422) |
| General and administrative expenses |
(697) |
(420) |
| Operating Profit/(Loss) before non-cash events |
(887) |
(664) |
| Share Based Payments (Non-Cash Event) * |
(19) |
(40) |
| Depreciation and Amortisation * |
(5) |
(12) |
| Profit on disposal of plant and equipment * |
9 |
– |
| Operating Profit/(Loss) after non–cash events |
(902) |
(716) |
| Corporation tax** |
(31) |
(18) |
| Interest Income/Expense |
(75) |
(58) |
| Net Profit / (Loss) |
(1,008) |
(792) |
* – Included in General and Administrative expenses in financial statements.
** For further details please refer to Q1 2021 Management’s Discussion and Analysis.
Q1 2021 compared with Q1 2020
For Q1 2021 the Company generated a net loss of $1,008,000, an increase of $216,000 compared to Q1 2020. The loss per share was $0.020, compared to $0.017 for Q1 2020. In line with Brazil’s rainy season typical of the years’ first quarter, sales are lower for Q1 and in 2021 Verde is making more investments than in 2020 in order to continue growing at an accelerated pace while upholding customer satisfaction.
Product Sales
In Q1 2021, the Group sold 16,558 tonnes, an increase of 63% in comparison to Q1 2020. BAKS® accounts for approximately 3.9% of Verde’s sales in Q1 2021, and accounts for 14% of Verde’s total sales orders for 2021 up to March 31, 2021.
Revenue
Revenue from sales for Q1 2021 was $831,000 from the sale of 16,558 tonnes of the Product, at $50 per tonne sold. Average revenue per tonne was consistent with Q1 2020 ($50 per tonne sold). The Product price is based on the current US$ Potassium Chloride price.
Production costs
Production costs include all direct costs from mining, processing, logistics from the mine to the factory and supply chain salaries, which are paid in R$. Production costs for Q1 2021 were $490,000, an increase of $158,000 compared to Q1 2020. Cost per tonne for the quarter was $30 compared to $32 for the same period in 2020. The reduction of 6% was due to the devaluation of the Brazilian Real against the Canadian Dollar in Q1 2021 as compared to Q1 2020.
Sales Expenses
| C$’000 |
Q1 2021 |
Q1 2020 |
| Sales and marketing expenses |
(302) |
(265) |
| Product delivery freight expenses |
(229) |
(157) |
| Total |
(531) |
(422) |
Sales and marketing expenses
Sales and marketing expenses include sales and marketing salaries, the promotion of the Product such as fees paid to sales agents, marketing events, car rentals, travel within Brazil, hotel expenses and Customer Relationship Management (CRM) Software licenses. Expenses increased by $37,000 in Q1 2021 compared to Q1 2020 mainly due to a further expansion of Verde’s sales and marketing team, with professional headcount increased from 29 in Q1 2020 to 43 in Q1 2021. This growth is in line with the Company’s accelerated growth strategy.
Product delivery freight expenses
Product delivery freight expenses were $72,000 higher in Q1 2021 compared to Q1 2020 as the Company has significantly increased the volume sold as CIF (Cost Insurance and Freight), from 3% of total sales in 2020 to 34% in 2021.
General and Administrative Expenses
| C$’000 |
Q1 2021 |
Q1 2020 |
| General administrative expenses |
(478) |
(220) |
| Legal, professional, consultancy and audit costs |
(159) |
(163) |
| IT/Software expenses |
(52) |
(22) |
| Taxes and licenses fees |
(8) |
(15) |
| Total |
(697) |
(420) |
General administrative expenses
These costs include general office expenses, rent, bank fees, insurance, foreign exchange variances and remuneration of the executives and administrative staff in Brazil. The costs have increased by $259,000 in Q1 2021 compared to Q1 2020 as they include an additional 12 administrative employees, with professional headcount increasing from 14 in Q1 2020 to 26 in Q1 2021 to support the Company’s growth and due to incentive compensation.
Legal, professional, consultancy and audit costs
Legal and professional fees include legal, professional, consultancy fees along with accountancy, audit and regulatory costs. Consultancy fees are consultants employed in Brazil, such as accounting services, patent process, lawyer’s fee and regulatory consultants. The costs in Q1 2021 are comparable with Q1 2020.
IT/Software expenses
IT/Software expenses include software licenses such as Microsoft Office and enterprise resource planning (ERP). In Q1 2021 expenses were $52,000, an increase of $30,000 on Q1 2020 due to increased third party computing services provided in Brazil.
Taxes and licences
Taxes and licence expenses include general taxes, product branding and licence costs. In Q1 2021, expenses were $8,000 compared to $15,000 in Q1 2020.
Share Based Payments (Non-Cash Event)
These costs represent the expense associated with stock options granted to employees and directors.
In Q1 2021 expenses were $18,000, compared to $40,000 in Q1 2020. The decrease is a result of less options vesting in the period.
Q1 2021 Results Conference Call
The Company will host a conference call on Thursday, May 20, 2021 at 11:00 am Eastern Time (4:00 pm Greenwich Mean Time), to discuss Q1 2021 results and provide an update. Subscribe using the link below and receive the conference details by email.
The Company’s first quarter financial statements and related notes for the period March 31, 2021
are available to the public on SEDAR at www.sedar.com and the Company’s website at www.investor.verde.ag/.
Technology Launch:
The Company will introduce a new technology to the market on June 02, 2021 and host a Q&A session on June 09, 2021 in order to provide further details about it. Subscribe using the link below and receive the conference details by email.
Investors Newsletter
Subscribe to receive the Company’s monthly updates at:
http://cloud.marketing.verde.ag/InvestorsSubscription
The last edition of the newsletter can be accessed at: http://bit.ly/InvestorsNL-April2021
About Verde AgriTech
Verde AgriTech 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 the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verde.ag
www.investor.verde.ag | www.supergreensand.com | www.verde.ag
Belo Horizonte, Brazil. Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) (“Verde” or the “Company”) is pleased to announce that Cristiano Veloso has been appointed Chairman of the Board of Directors (the “Board”) and that Michael St Aldwyn has been appointed Lead Independent Director of the Board.
Mr. Veloso, Verde’s Founder, President and Chief Executive Officer, will serve as the Chairman of the Board. The Board is composed of five independent directors and Mr. Veloso as sole executive director. The position of Chairman had been vacant since December 2013.
“Mr. Veloso has been essential in bringing the Company to its current stage of production and potential expansion, thanks to his vision, competence, and in depth understanding of the agricultural market and mining sector. This was clearly witnessed when Mr Veloso successfully reinvented the Company twice when it faced some of the world’s worst recent crises, both times at a significant financial and personal sacrifice in favour of the Company and its shareholders. Therefore, it stood to reason that all five independent directors would unanimously select Mr. Veloso to serve as Chairman. On a personal note, over my 40 years career, seldom have I witnessed this level of leadership and accomplishment demonstrated by Mr. Veloso when faced with economic adversities.” said Michael St Aldwyn, Lead Independent Director.
Appointment of Lead Independent Director
Michael St Aldwyn was unanimously elected by all other four independent directors to serve as Lead Independent Director. He was selected based on the exceptional breadth of his professional and corporate governance experience, as well as his strong connections in global investment markets and his long success record in Latin America and Brazil. Mr. St Aldwyn has served as a Director on Verde’s Board since 2018.
As Lead Independent Director, Mr. St Aldwyn will assume the duties and responsibilities of that position, appraising the performance of the Board Chair, serving as an intermediary between the Chair, the Board and Verde’s stakeholders. Mr. St. Aldwyn will also oversee the best practices of corporate governance at the corporate and Board level.” I gracefully accept the choice of my fellow independent directors to serve as Lead. I look forward to representing the interests of all stakeholders as our Company moves forward at an ever-accelerating pace”, said Mr. St Aldwyn.
Mr. St Aldwyn worked in Brazil from 1973-1979. Between 1979-1989, he was responsible for Latin American markets when at the New York office of ED&F Man and moving to London from 1989-1994 still with ED&F Man, an agricultural commodities trader with over 7,000 staff spread across 60 countries started in 1783. Mr. St Aldwyn then established his own company, 1994-2010, dedicated to the promotion of hedge funds. He also served as Chairman of the Anglo Brazilian Society from 1996-2002 and as a Director of BlackRock Latin American Investment Trust from 1996-2017. He is currently Chairman of Itacaré Capital Investment Ltd. He is fluent in Portuguese and in 2017 he completed a master’s degree at King’s College London in “Brazil in Global Perspective”.
Mr. Veloso, President and CEO, commented: “On behalf of management and our shareholders, I congratulate the Board on its excellent choice of Mr. St. Aldwyn as Verde’s Lead Independent Director. In this position he will add even further oversight and efficiency to corporate strategy and governance. As for my election as Chairman, it is an honour to continue to serve the Company and its Board in this position. Though it will not carry any added voting power nor remuneration of any sort, I will apply all my competence and best efforts to serve as Chairman and sole member of Verde’s management on its Board.”
Composition of the Board Committees
The Company announces that the Board has updated the composition of the Audit, Compensation, and Corporate Governance and Nominating committees that, in observing the best practices of corporate governance, are solely comprised of independent directors.
The following independent directors have been appointed to the respective Board Committees:
Audit Committee:
- Renato Gomes (Chairman)
- Getúlio Fonseca
- Michael St Aldwyn
Compensation Committee
- Getúlio Fonseca (Chairman)
- Renato Gomes
- Michael St Aldwyn
Corporate Governance and Nominating Committee
- Michael St Aldwyn (Chairman)
- Renato Gomes
- Paulo Sérgio Machado
Composition of the Board of Directors
The Board consists of six members and is committed to applying a robust corporate governance framework, drawing on its collective experience stewarding successful businesses in Brazil and internationally. The Board members are Cristiano Veloso (Chairman), Alysson Paolinelli, Getúlio Fonseca, Michael St Aldwyn, Paulo Sérgio Machado and Renato Gomes.
Cristiano Veloso
Mr. Veloso earned a certificate in Sustainable Business Strategy from Harvard Business School (USA), he holds a Master’s Degree from the University of East Anglia (UK) and a Bachelor of Laws Degree from the Federal University of Minas Gerais (Brazil). Cristiano has nearly two decades of experience and knowledge in the agricultural and mineral sectors. Cristiano leads Verde as an innovative company which seeks to revolutionize global production of food through sustainable technologies.
Alysson Paolinelli
Mr. Paolinelli is the President of the Brazilian Association of Corn Producers (“Abramilho”). Mr. Paolinelli held positions such as the Brazilian Minister of Agriculture, President of the National Confederation of Agriculture, President of Minas Gerais State Bank, Congressman, Secretary of Agriculture for Minas Gerais State, and Professor and Dean of Lavras University. In 2006 he was awarded the World Food Prize. Mr. Paolinelli has been nominated for the 2021 Nobel Peace Prize.
Getúlio Lamartine Fonseca
Mr. Fonseca is a senior economist with over 40 years of government and consulting experience in the Brazilian resource, electrical and power generation sectors. Since 1990, Mr. Fonseca has been employed by GL Consultoria Ltda. as a consultant to the Brazilian resource, electric and power generation industries. In that role, Mr. Fonseca has assisted businesses such as Bank of Montréal, Samarco Mineração S.A., Klabin S.A., Alcoa Inc., KLM Aerocarto B.V., Construtora Norberto Odebrecht S.A., Acesita S.A. and Dow Corning Corporation with major projects in Brazil.
Michael St Aldwyn
Mr. St Aldwyn worked in Brazil from 1973-1979. Between 1979-1989, he was responsible for Latin American markets when at the New York office of ED&F Man and moving to London from 1989-1994 still with ED&F Man, an agricultural commodities trader with over 7,000 staff spread across 60 countries started in 1783. Mr. St Aldwyn then established his own company, 1994-2010, dedicated to the promotion of hedge funds. He also served as Chairman of the Anglo Brazilian Society from 1996-2002 and as a Director of BlackRock Latin American Investment Trust from 1996-2017. He is currently Chairman of Itacaré Capital Investment Ltd. He is fluent in Portuguese and in 2017 he completed a master’s degree at King’s College London in “Brazil in Global Perspective”.
Paulo Sergio Ribeiro Machado
Mr. Machado was a former executive at Vale and has spent his career developing and operating large mining projects. From 1988 to 2002, Mr. Machado was the General Manager of Vale’s Igarapé Bahia Gold Mine, at the time the largest gold producer in Latin America, where he was responsible for implementation, operation and decommissioning. Between 2002 and 2006 Mr. Machado was the Director for all iron ore mines in the central region of Minas Gerais state, overseeing management and operations of mining activities, plants and railway terminals. Mr. Machado was also a director of CEMIG, one of the largest power generators and distributors in Brazil and Subsecretary of Mines and Energy for Minas Gerais state from 2007 to 2014.
Renato Gomes
Mr. Gomes is co-Founder & President of Pix Force, ranked as Brazil’s number one artificial intelligence startup, He is also co-Founder and a Board Director of Graphite Company of the Americas, which is developing a graphite mine and processing plant in Brazil. Mr. Gomes holds a degree in electronics and a law degree both from the Federal University of Minas Gerais (Brazil), a master’s degree from the London School of Economics (U.K.) and a doctorate from Georgetown University (U.S.A.). Mr Gomes is a qualified solicitor in New York, Portugal and Brazil.
Anywhere office policy
Since March 2020, in light of the impending Covid pandemic, all of the Company’s employees that are not directly required for mining and production have been working under an anywhere office policy. The experience has been a success, with average productivity unperturbed by the arrangement and high overall employee satisfaction and engagement. Verde still maintains its physical office, which employees can use at their convenience. Considering this positive experience, the Company has decided to make the shift permanent.
Moreover, with the adoption of the anywhere office policy, the Company has been able to recruit talent from all over Brazil, today already represented by professionals based in over 40 different cities. To maximize its hiring policy, Verde has adopted artificial intelligence based psychological appraisal of candidates to ensure that new professionals are working in the best position for their personality, experience and motivation.
“The long-term commitment to an anywhere office policy has allowed Verde to attract unimaginable talent to the Company and to be competitive when attracting new talent that would usually have favoured other companies. The result was the independent award of Great Place to Work and triple digit growth in the workforce in 2020, both strong endorsements to this work policy. On a personal note, at all levels we can see benefits, in my case, for example, the anywhere policy has allowed me to carry out in day as many video conference calls with customers that it would have taken me a week to meet in person. Declared, President and CEO, Cristiano Veloso.
The anywhere office policy has been implemented across the Company, allowing employees work remotely from anywhere across the globe during the pandemic, but also in a post-Covid scenario.
Investors Newsletter
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The last edition of the newsletter can be accessed at:
Q4 and FY 2020 Results Conference Call
The Company will host a conference call today, Wednesday, April 7, 2021 at 11:00 pm Eastern Daylight Time (4:00 pm British Summer Time), to discuss Q4 and FY 2020 results and provide an update. Subscribe using the link below and receive the conference details by email.
| Date: |
Wednesday, April 7, 2021 |
| Time: |
11:00 am Eastern Daylight Time (4:00 pm British Summer Time) |
| Subscription link: |
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The Company’s full year and fourth quarter financial statements and related notes for the period ended December 31, 2020 are available to the public on SEDAR at www.sedar.com and the Company’s website at www.investor.verde.ag/.
About Verde AgriTech
Verde AgriTech 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 the Company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.
Cautionary Language and Forward-Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. The Cautionary Language and Forward-Looking Statements can be accessed at this link.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verde.ag
www.investor.verde.ag | www.supergreensand.com
