MBAC Fertilizer Provides Corporate Update
TORONTO, ON--(Marketwired - April 23, 2015) - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX: MBC) (OTCQX: MBCFF) is pleased to announce the appointment of Anthony Cina, CPA, CA, ICD.D to its Board of Directors as well as its Audit Committee, effective immediately. Mr. Cina previously acted as the Company's Chief Financial Officer from July 2009 to June 2012.
Mr. Cina has over 25 years' experience in accounting, finance and tax-related matters and presently consults mining enterprises on M&A, operations optimization and asset and debt restructuring transactions, with particular focus in Brazil. Mr. Cina was recently awarded the ICD.D designation from the Institute of Corporate Directors.
The Board of Directors has also formed a Special Committee whose role is to provide direct oversight of all aspects of the ongoing strategic review process. The Special Committee will be composed of three directors, namely Anthony Cina as Chairman of the Special Committee, together with Denis Arsenault and Alexander Davidson.
MBAC continues to progress and anticipates its audited financial statements, related management's discussion and analysis, annual information form and accompanying CEO and CFO certifications for the financial year ended December 31, 2014 will be filed by April 30, 2015.
About MBAC
MBAC is focused on becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian market. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. MBAC owns and operates the Itafós Operations which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, an SSP plant and a granulation plant and related infrastructure located in central Brazil. The Itafós Operations are estimated to have production capacity of approximately 500,000 tonnes of SSP per annum. MBAC's exploration portfolio includes a number of additional exciting projects, which are also located in Brazil. The Santana Phosphate Project is a high grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Pará State. Further information on MBAC can be found on the Company's website at www.mbacfert.com and on SEDAR at www.sedar.com.
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, , the Company's expectation that it will be successful in its strategic process, the Company's business strategy, objectives and goals;; the expectation of MBAC becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian markets; MBAC continuing to explore and implement initiatives to address its liquidity and capital restructuring requirements and improve cash flow generation. Forward-looking statements are often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", " does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statements are made, and forward-looking statements involve known and unknown risks, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risk factors include, among others, the Company not becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian markets; MBAC not being successful in continuing to explore and implement initiatives to address its liquidity and capital restructuring requirements; not being able to obtain additional funds and not being successful in its strategic process; not being able to improve cash flow generation as well as those factors disclosed in the Company's current Annual Information Form and Management's Discussion and Analysis, as well as other public disclosure documents, available on SEDAR at www.sedar.com. Although MBAC has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plans, objectives and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 181,607,492
Fully Diluted: 221,845,672
Contact
For further information:
Joe Racanelli
TMX Equicom
416-815-0700 ext. 243
investor@mbacfert.com
or visit our website at: www.mbacfert.com
