DuSolo Announces Fiscal 2016 Year End Financial Results
March 01 2017 - 9:47PM
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 1,
2017) - DuSolo Fertilizers Inc. (TSX VENTURE: DSF) ("DuSolo" or
"the Company") is pleased to announce its year end production,
sales and financial results for fiscal 2016, which had been delayed
from January 30, 2017 as previously disclosed. There have been
significant changes to the Company over the 12 months preceding
September 30, 2016, including a change of directors and senior
management in 2015 and development of new products, exploration,
plant and extraction improvements and corporate re-organization in
Brazil. The Company continues to make good progress in all areas,
including increasing 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, 2016,
DuSolo sold 30,450 tonnes of DANF product of varying grades (for
the year ended September 30, 2015 - sold 12,289 tonnes of
DANF).
Revenue for the fiscal year ended September 30,
2016 was $2,394,405 and gross profit for the same time period was
$1,180,996. Net loss for the fiscal year ended September 30, 2016
was $4,071,748 (for the year ended September 30, 2015 -
$6,290,065). This translates to a loss per common share (basic and
diluted) of $0.02 for the fiscal year ended September 30, 2016 (for
the year ended September 30, 2015 - $0.05 per share).
Chief Executive Officer, Giles Baynham noted that
"The Company is now seeing the benefits of the efforts of
management over the past 18 months. We are working toward achieving
a number of milestones in 2017, including finalization of the DANF
Preliminary Economic Assessment, obtaining further exploration
results and permitting, advancing product development and
increasing the size of our DANF market. I want to thank all those
management and staff, consultants, advisors and our directors for
their hard work and support through this period."
The Company's cash position as at September 30,
2016 was $2,354,728 (including $43,745 that was restricted). For
more information, please refer to the management discussion and
analysis and financial statements filed on SEDAR at
www.sedar.com.
On behalf of DuSolo Fertilizers Inc.
Giles Baynham, Chief Executive Officer and
Director
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 "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "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 DuSolo 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
DuSolo disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
For more information please refer to the technical
report filed on SEDAR and titled "Bomfim Agro-Mineral Phosphate
Project, Technical Report and Initial Resource Estimate Tocantins
and Goias States, Brazil," filed on March 5, 2014, effective
December 31, 2013, and amended on February 6, 2015. The resource
estimate was signed off by Mr. Porfirio Cabaleiro Rodriguez an
Associate Consultant of Coffey Consultoria e Servicos Ltda., and
was prepared in compliance with the standards of disclosure as set
out in NI43-101. Mr. Rodriguez is an "independent qualified person"
for the purposes of NI43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators.
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 a long run and as to whether the Company will be
confronted with any unforeseen technical impediments. Similarly,
the Company has not completed a preliminary economic assessment
before making production and project expansion decisions.
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.
Contacts:
DuSolo Fertilizers Inc.
ir@dusolo.com
(604) 484 7122
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: DuSolo Fertilizers via Globenewswire
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