Verde Announces Second Quarter 2018 Results
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
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