BELO HORIZONTE, Brazil, April 04, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to welcome Daniel Sabbag as Vice President of Sales. Mr. Sabbag is a sales professional with 30 years of experience in the agricultural sector, including major companies such as Fertilizantes Heringer SA (“Heringer”), Monsanto Company, Bequisa – Degesh Group and Cargill.
More recently, Mr. Sabbag devoted 14 years to the fertilizer business while working at Heringer, one of Brazil’s three largest fertilizer companies. Heringer produces, commercializes and distributes fertilizers through multiple branches across the country.
As a senior executive at Heringer, Mr. Sabbag was head of the sales department overseeing yearly revenues of USD 250 million. Mr. Sabbag was responsible for trade operations throughout Brazil and led a team of over 30 professionals plus a network of 110 independent sales agents.
Among Mr. Sabbag’s successes was his leadership of the overall expansion of Heringer, when he opened 7 new fertilizer plants. He also oversaw the introduction of new product lines such as premium fertilizers.
Mr. Sabbag holds an MBA from FGV – Fundação Getúlio Vargas and a bachelor’s degree in Agronomic Engineering from ESALQ/ USP, Brazil.
President and CEO, Cristiano Veloso, commented: “We are proud that Mr. Sabbag has chosen to continue his career at Verde, given his many options in the Brazilian fertilizer sector. He will oversee continued sales success in 2019 and, above all, position the company for planned market expansions in 2020 and beyond.”
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.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
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 www.sedar.com. 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.
BELO HORIZONTE, Brazil, March 29, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to announce the financial results for the fourth quarter (“Q4 2018”) and twelve months (“FY 2018”) ended December 31, 2018.
(All figures are in Canadian dollars)
- Total volume sold in 2018: 29,648 tonnes, six times more than in 2017.
- Verde received nearly 50,000 tonnes of orders in 2018.
- Total revenues of $1.358 million at a production cost of $1.067 million, generating a gross profit of $291 thousand (21.4%).
- Net loss of $1.703 million.
- Cash at end of period of $836 thousand, 30% higher than prior year.
- Loss per share of $0.041.
“2018 was the first year of commercial production at Verde. The Company’s plant started operations in July 2018. Considering the usual ramp-up challenges, and a single salesman working full time to have achieved 29,648 tonnes of sales and delivery of over 21% gross margin profit was an outstanding result,” said CFO Felipe Paolucci.
Selected Annual Financial Information
| All amounts in $’000 |
Year to
Dec 31, 2018 |
Year to
Dec 31, 2017 |
Year to
Dec 31, 2016 |
| Super Greensand® sales (tonnes) |
29,648 |
|
– |
|
– |
|
| Revenue |
1,358 |
|
– |
|
– |
|
| Production costs |
1,067 |
|
– |
|
– |
|
| Gross Profit |
29 |
|
|
|
| Selling and distribution expenses |
59 |
|
– |
|
– |
|
| Administrative expenses |
1,871 |
|
1,576 |
|
1,204 |
|
| Impairment of intangible asset |
– |
|
663 |
|
– |
|
| Net loss |
(1,703) |
|
(2,204) |
|
(1,172) |
|
| Cash Flow utilised in operating activities |
(502) |
|
(1,119) |
|
(1,007) |
|
| Cash Flow utilised in investing activities |
(187) |
|
(1,791) |
|
(989) |
|
| Cash Flow from financing activities |
933 |
|
1,809 |
|
– |
|
| Net increase (decrease) in cash |
244 |
|
(1,101) |
|
(1,996) |
|
| Cash and cash equivalents at end of period |
836 |
|
645 |
|
1,763 |
|
| Total Assets |
31,610 |
|
26,012 |
|
27,169 |
|
| Total Liabilities |
7,785 |
|
465 |
|
188 |
|
| Working Capital |
780 |
|
1,930 |
|
1,802 |
|
| Weighted average number of shares outstanding (‘000) |
41,020 |
|
38,523 |
|
37,617 |
|
| Loss per share (basic and diluted) ($) |
(0.041) |
|
(0.057) |
|
(0.031) |
|
Highlights of the Fourth Quarter
In October 2018, the Group announced it had sold out of Super Greensand®. It also announced its expansion for 2019, which include continuing to use the existing processing plant to produce 200 thousand tonnes per year and, in parallel, start construction of a new processing facility capable of producing an added 600 thousand tonnes per annum. The total 800 thousand tonnes per annum capacity is expected to be reached by early 2020. Financing is expected to be a mix of accumulated cashflow and debt from BNDES bank.
Subsequent events
On February 26, 2019 the group announced a non-brokered private placement to raise up to C$1 million (the “Placement”) through the issuance of up to 1,666,666 units of securities (“Units”) at a price of $ 0.60 per Unit. Each Unit was comprised of one ordinary share of the Company (an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to purchase an Ordinary Share at an exercise price of $1.00 until the second anniversary of the closing of the Placement. The Warrants are unlisted.
The placement closed on March 13, 2019, raising $1.7 million by issuing 2,820,114 units of securities. It included inside investments from president & CEO Cristiano Veloso, who purchased 912,416 Units; CFO Felipe Paolucci, who purchased 166,667 Units; and Director Michael St Aldwyn, who purchased 83,333 Units.
On March 4, 2019 the group was pleased to welcome Felipe Paolucci as the CFO. Mr. Paolucci is an executive with over 15 years of experience in finance in multinational companies and over 9 years of experience in the agricultural business. 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.
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.
For additional information please contact:
Cristiano Veloso, President & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
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 www.sedar.com. 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.
BELO HORIZONTE, Brazil, March 13, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing, issuing 2,820,114 units of securities (a “Unit”) at C$0.60 per Unit for total proceeds of C$1,693,067.20 (the “Placement”). Each Unit is comprised of one ordinary share of the Company (an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to purchase an Ordinary Share at an exercise price of C$1.00 until March 12, 2021. Verde previously announced that the Placement would be of a maximum of 1,666,666 Units, but increased the size of the Placement as a result of considerable demand.
The Placement included significant participation by a number of Verde’s officers and directors. President & CEO Cristiano Veloso, who already held 5,533,677 Ordinary Shares, purchased 912,416 Units; CFO Felipe Paolucci purchased 166,667 Units; and Director Michael St Aldwyn, who already held 32,340 Ordinary Shares, purchased 83,333 Units.
No commissions or compensation warrants have been paid or issued in connection with the Placement.
Commenting, President & CEO Cristiano Veloso, stated: “Verde will apply the raised funds as working capital to expedite its market growth. We are thankful to our new and existing shareholders for their continued support.”
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: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
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 www.sedar.com. 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.
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: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
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 www.sedar.com. 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.
BELO HORIZONTE, Brazil, Feb. 26, 2019 (GLOBE NEWSWIRE) — Verde AgriTech Plc (TSX: NPK) (“Verde” or the “Company”) is pleased to announce a non-brokered private placement to raise up to C$1 million (the “Placement”) through the issuance of up to 1,666,666 units of securities (“Units”) at a price of $ 0.60 per Unit.
Each Unit will be comprised of one ordinary share of the Company (an “Ordinary Share”) and one-half of one Ordinary Share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable to purchase an Ordinary Share at an exercise price of C$1.00 until the second anniversary of the closing of the Placement. The Warrants will be unlisted.
The Placement will be open to all existing shareholders who are accredited investors, and to non-shareholder accredited investors. The minimum subscription will be for 83,333 units of securities or for $ 49,999.80. Each subscriber will be required to complete a subscription agreement that confirms, among other things, the availability of an exemption from the prospectus requirements of applicable securities laws in respect of the sale of Units to such subscriber.
The Company discloses that its senior management and directors will be subscribing to this offering, subject to applicable securities regulations.
Eligible investors wishing to participate in the Placement are invited to contact the Company via the email investor@verdeagritech.com to obtain a subscription agreement. In the event of over-subscription, the Company will determine allocations between subscribers and/or increase the Placement size at its sole discretion.
The Placement is expected to close on or about March 8, 2019.
The Ordinary Shares and Warrants comprising the Units (the “Unit Securities”) (and any Ordinary Shares issued on exercise of the Warrants (“Warrant Shares”)) will be subject to a hold period of four months from the closing date of the Placement.
The terms and completion of the Placement are subject to TSX conditional approval. The Company will not pay brokerage or finder’s fees in connection with the Placement. The net proceeds from the Placement will be used by the Company for general working capital purposes.
Commenting, President & CEO, Cristiano Veloso, stated: “We have strived to minimize dilution to our shareholders. This small raise is needed because we aim to expand our sales team and reserve our bank’s lines of credit for the construction of our expansion.. Moreover, a part of this capital will be used to finance this season’s early purchases, which covers our buyers up to 6 months at 1.8% monthly rate. In sum, the capital will be narrowly employed with the single goal of expanding sales and production”.
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: cv@verdeagritech.com
www.verdeagritech.com
www.supergreensand.com
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 www.sedar.com. 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.
