Fengro Announces Fiscal 2017 Year End Financial Results
Suite 1100 – 1111 Melville Street, Vancouver, B.C., Canada, V6E 3V6
Tel. 604-764-6126 Fax. 604-484-7143 | www.fengro.com
FENGRO ANNOUNCES FISCAL 2017 YEAR END FINANCIAL
RESULTS
January 26 2018 - VANCOUVER, BRITISH COLUMBIA: FENGRO Industries
Corp. (TSX-V:FGR) (“FENGRO” or “the Company”) is pleased to announce its
year end production, sales and financial results for fiscal 2017. The Company
continues to make good progress in the development of new products, plant and
extraction improvements and expansion of its market in Brazil. The Company
increased sales to customers of its Direct Application Natural Fertilizer (“DANF”)
phosphate rock products and rationalization of its assets to focus on value-add
projects for the Company and its shareholders.
For the fiscal year ended September 30, 2017, DuSolo sold 42,294 tonnes of DANF
product of varying grades (for the year ended September 30, 2016 – sold 30,450
tonnes of DANF).
Revenue for the fiscal year ended September 30, 2017 was $2,901,425 and gross
profit for the same time period was $587,785. Net loss for the fiscal year ended
September 30, 2017 was $4,073,325 (for the year ended September 30, 2016 -
$4,071,748). This translates to a loss per common share (basic and diluted) of $0.16
for the fiscal year ended September 30, 2017 (for the year ended September 30,
2016 – $0.20 per share).
Chief Executive Officer, Giles Baynham noted that “The Company is now seeing the
benefits of the efforts of management over the past two years. We completed our
DANF Preliminary Economic Assessment (see release dated March 23, 2017),
expanded our sales by 40% and continue to see growth in sales and deliveries in to
2018. We expect to complete agrononomic trials and product rergistration in mid-
2018 and anticipate that this will increase the size of the potential market for DANF.
In addition we will be using the expertise of our management team and board to
aggressively pursue other accretive, value-adding opportunities in Brazil. I want to
thank all those management and staff, consultants, advisors and our directors for
their hard work and support through this period.”
For more information, please refer to the management discussion and analysis and
financial statements filed on SEDAR at www.sedar.com.
On behalf of Fengro Fertilizers Corp.
Giles Baynham, Chief Executive Officer and Director
For more information contact:
Email: [email protected]
Suite 1100 – 1111 Melville Street, Vancouver, B.C., Canada, V6E 3V6
Tel. 604-764-6126 Fax. 604-484-7143 | www.fengro.com
+1 (604) 764 6126
FORWARD LOOKING STATEMENTS
Certain information contained in this press release constitutes “forward-looking information”, within the meaning
of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-
looking terminology such as “aims”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“target”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of
such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this
press release may include statements regarding the future operating or financial performance of Fengro which
involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and
outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such
statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Among those factors which could cause actual results to differ materially are the following: market conditions
and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR
at www.sedar.com. The forward-looking statements included in this press release are made as of the date of
this press release and Fengro disclaims any intention or obligation to update or r evise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as expressly required by
applicable securities legislation.
Disclosure - The Company’s decision to produce DANF, its DANF production targets and cash flow projections
were not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Without
a technical report demonstrating economic and technical viability, there is uncertainty as to whether the Company
will be able to economically produce DANF in the long run and as to whether the Company will be confronted
with any unforeseen technical impediments. The Company has now completed a preliminary economic
assessment.
Disclosure - Note that the DANF PEA is prel iminary in nature as it includes inferred mineral resources that are
considered too speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves. Mineral resources that are not mi neral reserves do not have
demonstrated economic viability, and as such there is no certainty that the preliminary assessment and
economics will be realized.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this
press release.