BELO HORIZONTE, Brazil, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Verde AgriTech Plc (TSX: “NPK”) (OTCQB: “AMHPF”) ("Verde” or the “Company”) is pleased to announce its second quarter 2018 results.
Highlights: - In May 2018, the Group secured funding from BNDES (through Santander Bank) of approximately $350,000 (B$1,040,000) to finance the turnkey agreement to build a 45 tons per hour Super Greensand ® production facility. - In June 2018, the Group confirmed the new processing plant was on budget and schedule.
Subsequent Event: - In July 2018, Verde announced the start-up of its processing plant. The cost of the production facility was US$ 600 thousand, part of which was spent on ground work necessary for an expansion to reach the 600 thousand tons per annum capacity projected for Phase 1 in the pre-feasibility study (“PFS”).
Sales update - Announcement of a broader line of Super Greensand ® products, which now has a line of 3 versions: Micronized, Powder and Granular. In May 2018 Verde concluded the first sale of Super Greensand ® Granular to its US Distributor. Super Greensand ® Micronized has been supplied to Distributor since 2017. - Verde sold $166,850 of Super Greensand ® . In accordance with applicable accounting rules, revenue from delivered sales has been credited against the Cerrado Verde project until commercial production is reached.
Verde’s President & CEO, Cristiano Veloso commented: “The first sales of Super Greensand ® have not been easy and we expect that will be the case for, at least, the first 50 thousand tons of the product. The pace of sales is accelerating thanks to the sowing season of the second half of 2018 and return costumers who, for the second consecutive harvest, have opted to use Verde’s Super Greensand ® .”
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.
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
Visit and subscribe to our YouTube Channel www.youtube.com/verdeagritech
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.
