Business
Verde Potash Announces Cost Reductions and Mr. Leonardo Moretzsohn's Resignation
TORONTO , Dec. 26, 2013 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company")...
About this update from Verde Agritech Ltd
[{"type":"text","content":"\n\n\nTORONTO, Dec. 26, 2013 /CNW/ - Verde Potash (TSX: \"NPK\") (\"Verde\" or the \"Company\") would like to announce that Mr.\n Leonardo Moretzsohn has resigned from the Board effective immediately\n for personal reasons. The Company would like to thank Mr. Moretzsohn\n for his support and contribution, wishing him well in his future\n endeavors.\n\n\nIn order to reduce costs, Verde will reduce its number of directors to\n six, five of whom will be non-executive directors.\n\n\nOver the last few weeks, the Company has been reducing costs as much as\n possible, including personnel, consultancy, benefits and travel\n expenses.\n\n\nPresident & CEO, Cristiano Veloso, commented: \"The Company is expecting\n to reap the benefits of a highly productive past year with anticipated\n results in Q1 2014 from a pre-feasibility study, Inova Agro's funding\n allocation decision, and ThermoPotash agronomic trials. Nevertheless,\n the Company is taking measures to substantially reduce its\n expenditures. Also, since IPO in 2007, Verde has issued only 9,114,559\n shares and intends to continue protecting its share structure while\n advancing the project.\"\n\n\nAbout Verde Potash\n\n\nVerde Potash, a Brazilian fertilizer development company, is focused on\n advancing the Cerrado Verde project located in the heart of Brazil's\n largest agriculture market. Cerrado Verde is the source of a\n potash-rich deposit from which the Company intends to produce both\n ThermoPotash and potassium chloride (KCl). ThermoPotash is a\n controlled-release, non-chloride, multi-nutrient fertilizer that is\n ideally suited for Brazilian soils. In addition, the Company is\n developing its Calcario limestone project, limestone being a key raw\n material in the Company's process to produce both ThermoPotash and KCl\n\n\nAbout the Cerrado Verde Potash Project\n\n\nCerrado Verde is a unique project: 1) its high grade potash rock\n outcrops and is amenable to strip mining, allowing fast construction of\n a scalable operation; 2) it is located in the midst of the world's\n third largest and fastest growing fertilizer market; 3) it connects to\n Brazil's largest fertilizer distribution districts via existing and\n high quality infrastructure; 4) it has the potential to supply both\n ThermoPotash and KCl to Brazil's local agriculture market from its\n large potash-rich...