Itafos Announces Appointment of New Directors
News Release
ITAFOS ANNOUNCES APPOINTMENT OF NEW DIRECTORS
HOUSTON, TX – April 18, 2022 – Itafos Inc. (TSX-V: IFOS) (the “Company”) announced today the appointment of Stephen
Shapiro and Isaiah Toback to its Board of Directors, effective April 14, 2022. Mr. Toback replaces Rory O’Neill as a nominee
to the Company’s Board of Directors by its principal shareholder, CL Fertilizers Holding LLC (“CLF”), pursuant to an investor
rights agreement between the Company and CLF.
“We are pleased to welcome Stephen and Isaiah to our Board. Both appointments add to the overall depth and skill set of
the Board and will be instrumental in providing oversight as the Company continues to execute on of its strategic initiatives,”
said Anthony Cina, Chairman of the Company’s Board of Directors.
Mr. Cina added, “On behalf of the Board, I would also like to thank Rory for his leadership and contributions to the Company.”
Mr. Shapiro is Chief Financial Officer at Cellview Imaging Inc., an emerging medical device company. Prior to joining
Cellview, Mr. Shapiro had a 30 year career in investment banking, most recently leadi ng the Canadian Industrials and
Consumer Group for Wells Fargo Securities Canada. Prior to joining Wells Fargo, Mr. Shapiro spent 13 years with BMO
Capital Markets, where he started and led the Agriculture and Fertilizer Group. Mr. Shapiro is a Chartered Financial Analyst.
Mr. Shapiro holds a bachelor of commerce from McGill Univ ersity and a Master of Busine ss Administration from the
University of Chicago.
Mr. Toback is a partner at Castlelake an d is deputy co-chief investment officer. Mr. Toback is responsible for guiding and
executing the firm’s global investment strategy across asset classes, overseeing the firm’s value and income fund portfolios
and supporting the growth and development of it s investment teams. He is also a vo ting member of the firm’s Investment
Review Committee. Mr. Toback became a partner of the fi rm in 2020 and previously served in portfolio management and
investment roles. He has particular experience with investm ents in dislocated industries and corporate special situations,
including leading the firm’s renewables and commodity shipping strategies. Prior to joining Castlelake, Mr. Toback was an
investment banker with Goldman Sachs, where he was responsible for transportation structured financings, focusing on the
aviation and shipping industries. Mr. Toback holds a bachelor of arts in economics from Vanderbilt University.
About Itafos
The Company is a phosphate and specialty fertilizer company. The Company’s businesses and projects are as follows:
Conda – a vertically integrated phos phate fertilizer business with produc tion capacity of approximately 550kt per
year of monoammonium phosphate (“MAP ”), MAP with micronutrients (“MAP+”), superphosphoric acid (“SPA”),
merchant grade phosphoric acid (“MGA”) and ammonium polyphosphate (“APP”) located in Idaho, US;
Arraias – a vertically inte grated phosphate fertilizer busi ness with production capac ity of approximately 500kt per
year of single superphosphate (“SSP”), SSP with micronutrients (“SSP+”) and approximately 40kt per year of excess
sulfuric acid (220kt per year gross sulfuric acid production capacity) located in Tocantins, Brazil;
Farim – a high-grade phosphate mine proj ect located in Farim, Guinea-Bissau;
Santana – a vertically integrated high -grade phosphate mine and fertilizer plant project located in Pará, Brazil; and
Araxá – a vertically integrated rare earth elements and niobium mine and extraction plant project located in Minas
Gerais, Brazil.
In addition to the businesses and projects described above, the Company also ow ns Paris Hills (Idaho, US) and Mantaro
(Junin, Peru), which are phosphate mine project that are in process of being would down.
The Company is a Delaware corporation that is headquartere d in Houston, TX. The Company’s shares trade on the TSX
Venture Exchange (“TSX-V”) under the ticke r symbol “IFOS”. The Company’s principal shareholder is CLF. CLF is an
affiliate of Castlelake, L.P., a global private investment firm.
For more information, or to jo in the Company’s mailing list to receive notification of future ne ws releases, please visit the
Company’s website at www.itafos.com.
TSX-V: IFOS
Forward-Looking Information
Certain information contained in this news release constitute s forward-looking information. All information other than
information of historical fact is forwar d-looking information. The use of any of the words “intend”, “anticipate”, “plan”,
“continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “would”, “believe”, “predict” and “potential” and similar
expressions are intended to identify forw ard-looking information. This informat ion involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such
forward-looking information. No assuranc e can be given that this in formation will prove to be correct and such forward-
looking information included in this news release should not be unduly relied upon.
Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to
vary materially from that anticipated by such forward-looking information. Although the Company has attempted to identify
important factors that could cause actual results to differ ma terially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual
results to differ materially from expected results described in forward-looking statements in clude, but are not limited to,
those risk factors set out in the Co mpany’s management’s discussion and analysis and other disclosure documents
available under the Company’s profile at www.sedar.com and on the Company’s website at www.itafos.com. Readers are
cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. The forward-looking information
included in this news release is expressly qualified by this c autionary statement and is made as of the date of this news
release. The Company undertakes no obligation to publicly update or revise any forward-looking information except as
required by applicable securities laws.
NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES
OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For further information, please contact:
George Burdette
Itafos Investor Relations
713‐242‐8446