Business
Verde AgriTech Announces Formation of Magnes Rare Earths and Leadership Transition to Sharpen Focus and Unlock Value Across Two Distinct Growth Platforms
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES BELO HORIZONTE, Brazil and SINGAPORE, May 20,
About this update from Verde Agritech Ltd
[{"type":"text","content":"\n \n THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES BELO HORIZONTE, Brazil and SINGAPORE, May 20, 2026 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: NPK | OTCQX: VNPKF) (\"Verde” or the “Company”), is pleased to announce a strategic reorganization designed to sharpen focus, unlock value, and position both of its businesses for their next stage of growth. The Board of Directors has approved the formation of Magnes Rare Earths (“Magnes”), a new wholly owned subsidiary of Verde that will hold and advance the Minas Americas Global Alliance Project in Minas Gerais, Brazil. As part of this transition, Cristiano Veloso will step down as Chief Executive Officer and as a director of Verde and assume the roles of Chief Executive Officer of Magnes Rare Earths. Reberth Machado has been appointed Chief Executive Officer of Verde, effective June 1st, 2026. At Verde, Mr. Machado will work alongside Felipe Paolucci, who will continue as Chief Financial Officer, and Marcus Ribeiro, who will continue as Chief Revenue Officer. Together, the leadership team will focus on commercial execution, operational discipline, customer growth, and long-term profitable expansion. Following the transition, Mr. Veloso will continue supporting Verde, on a non-exclusive external advisory basis, helping ensure leadership continuity and a successful separation of the two businesses. His support is expected to include transferring the institutional knowledge built over nearly two decades as founder and CEO, helping preserve continuity in selected long-standing stakeholder relationships where appropriate, and advising on separation-related matters between Verde and Magnes. The Board believes this structure combines sharper strategic focus with continuity from Verde’s founder, while preserving Verde shareholders’ exposure to the potential value creation of both businesses as Magnes advances. The Board determined that Verde’s fertilizer business and rare earths business have each reached a stage where dedicated leadership, tailored capital allocation and differentiated execution can create a clearer value proposition for shareholders. Recent public results at Minas Americas have continued to strengthen confidence in the Project’s scale and quality, while Verde has also publicly highlighted emerging chan...