Madeleine Lee Joins Verde’s Board of Directors
SINGAPORE, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Verde AgriTech Ltd (TSX: “NPK”) ("OTCMKTS: "VNPKF") (the “Company”) is pleased to announce the appointment of Madeleine Lee (the “Director”) to its Board of Directors (the “Board”). With this addition, the renewal of Verde's Board, announced on September 13, 2022,1 is now complete.
“It is a great pleasure to be part of Verde because its purpose 'to improve the health of people and the planet’ are principles I personally endorse. To be the second woman to join the Board of Verde reflects the Company's commitment to diversity, an important pillar for long term sustainable development. With my experience in finance and multiple boards of directors, I intend to help Verde with its fast-paced plans for a better future,” commented Madeleine Lee.
Verde is a growing supplier of crop nutrition solutions to farmers in Brazil, which is the world’s second largest exporter of food goods. Brazil is the world’s largest importer of potash, relying on foreign supply for 96% of its domestic consumption. Verde can potentially supply 50% of Brazil’s potash needs for 26 years, according to the Pre-Feasibility Study concluded in 2022.2 Asia is the destination for over a third of Brazil’s agricultural exports, where Singapore is the second largest importer and globally the seventh largest importer of Brazilian agricultural products.3
Verde ensures that its production is sustainable. Its mineral processing does not require tailings dams, nor does it generate any waste by-products because the ore recovery rate is 100%. The mine is predominantly located on what was previously degraded pasturelands that, once mined, Verde transforms into tropical forest. To achieve that goal, to date, the Company has planted over 20,000 trees, with previous years marked by: 4,300 trees in 2019, 5,000 trees in 2020, and 9,888 trees in 2021.4 All planted tree species are native to the region, many of which are today deemed endangered species.
Ms. Lee is an award-winning investment manager with experience on multiple boards of directors. Ms. Lee has more than 30 years of experience in managing public and private equities, and has worked for the Government of Singapore Investment Corporation, Chase Manhattan Bank, and Morgan Grenfell Investment Management Asia. She was chief investment officer of Commerzbank Asset Management Asia Ltd., and the founder of bowtieAsia and Athenaeum Limited.
“We are pleased to welcome Madeleine Lee to Verde's Board. Thanks to her strategic thinking and many years of experience of corporate leadership, we are certain that Ms. Lee will be an invaluable Singapore-based Director,” declared Verde’s Founder, President & CEO, Cristiano Veloso.
Composition of the Board of Directors
The Board is now composed of five independent directors, Alysson Paolinelli, Fernando Prezzotto, Luciana de Oliveira Cezar Coelho, Madeleine Lee and Renato Gomes, and a sole executive director, Mr. Veloso.
About Madeleine Lee
Madeleine Lee, CFA, has been an investment manager for 36 years. She worked for Government of Singapore Investment Corp, Morgan Grenfell Investment Management and was Managing Director of Commerzbank Asset Management Asia. In 2000, she cofounded bowtieAsia, an on-line platform matching start-ups to angel investors and for this was awarded the Montblanc Businesswoman Award. In 2002, she was made as a Fellow of the Eisenhower Fellowship and did her research into university and not-for-profit endowment investment philosophy in the US. From 2005 to 2007, Ms. Lee was Deputy Chief Investment Officer of the NUS Endowment Investment Office, applying her on-ground research of the US endowment scene to pioneer the concept and build-out of an endowment investment division for the university. In 2008, she returned to Athenaeum, an investment advisory company, and transformed it into a Multi-Family Office Investment Advisor, licensed by MAS. In 2016, Athenaeum sold the funds business to the Azimut Gp SA of Italy, and pivoted its effort to advise a highly select group of Asian Family Offices as Consultant CIO, in Endowment Investing and Legacy Investing.
Since 2015, Ms. Lee has been Independent Non-Executive Board Director at HKSE- listed First Pacific Co in Hong Kong where she chairs the Audit & Risk Committee. She is also member of the Finance Committee, in which investment proposals are scrutinised. These include infrastructure projects in infocomm, logistics, land transport, renewable energies and fossil energy in ASEAN economies. More recently Ms. Lee has helped the company to focus on the renewables sector and the building of an online super ecosystem. Recently she was appointed Independent Director at GreenPhyto Ltd, a superscale hydroponic vertical farm in Singapore.
Ms. Lee is also Board Director at The Arts House Ltd, where she is Lead Director and Chair of Audit Committee, and Singapore Institute of Management (SIM) Group Limited where she is Chair of Finance and Investment Committee and a member of the Executive Committee.
Earlier appointments include: Board Director of Aetos Security Management Ltd, Mapletree Holdings, Export Credit Intl Corp, all Temasek-linked companies. And in the not-for profit sector, she has been on the Boards of The Community Foundation of Singapore, Singapore Symphony Orchestra and Yong Siew Toh Conservatory of Music in NUS.
Ms. Lee has served on the Investment Committees of InfoComm & Media Development Authority (IMDA) of Singapore, The Singapore Academy of Law, CFS, SIM, SUSS and SMU, with AUM in excess of USD2bn. In 1998 she helped UniFEM Singapore launch a socially responsible unit trust with UOB. She was a member of the Finance Sector Review Committee chaired by Lee Hsien Loong, then Minister of Finance in 1997.
Ms. Lee graduated from UK with a BA (Hons) in Economics & Accounting and an MBA in Finance in 1984, and qualified as a Chartered Financial Analyst in 1989. Madeleine is also a published writer with 11 volumes of poetry. Her work is widely anthologized and translated, and she has read in festivals in Asia, Australia & UK. She lives in Singapore with her two sons.
About Verde AgriTech
Verde is an agricultural technology company that produces potash fertilizers. Our purpose is to improve the health of all people and the planet. Rooting our solutions in nature, we make agriculture healthier, more productive, and profitable.
Verde is a fully integrated Company: it mines and processes its main feedstock from its 100% owned mineral properties, then sells and distributes the Product.
Verde’s focus on research and development has resulted in one patent and eight patents pending. Among its proprietary technologies are Cambridge Tech, 3D Alliance, MicroS Technology, N Keeper, and Bio Revolution.5 Currently, the Company is fully licensed to produce up to 2.8 million tonnes per year of its multinutrient potassium fertilizers K Forte® and BAKS®, sold internationally as Super Greensand®.6 By the end of 2022, it plans to become Brazil's largest potash producer by capacity.7 Verde has a combined measured and indicated mineral resource of 1.47 billion tonnes at 9.28% K2O and an inferred mineral resource of 1.85 billion tonnes at 8.60% K2O (using a 7.5% K2O cut-off grade).8 This amounts to 295.70 million tonnes of potash in K2O. For context, in 2021 Brazil’s total consumption of potash in K2O was 7.92 million9.
Brazil ranks second in global potash demand and is its single largest importer, currently depending on external sources for over 96% of its potash needs. In 2021, potash accounted for approximately 2% of all Brazilian imports by dollar value.
Corporate Presentation
For further information on the Company, please view shareholders’ deck:
https://verde.docsend.com/view/qwywgpmp882mqanp
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The last edition of the newsletter can be accessed at: https://bit.ly/InvestorsNL-August2022
Cautionary Language and Forward-Looking Statements
All Mineral Reserve and Mineral Resources estimates reported by the Company were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards (May 10, 2014). These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to:
(i) the estimated amount and grade of Mineral Resources and Mineral Reserves;
(ii) the PFS representing a viable development option for the Project;
(iii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods;
(iv) the estimated amount of future production, both produced and sold;
(v) timing of disclosure for the PFS and recommendations from the Special Committee;
(vi) the Company’s competitive position in Brazil and demand for potash; and,
(vii) estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Verde's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include, but are not limited to:
(i) the presence of and continuity of resources and reserves at the Project at estimated grades;
(ii) the geotechnical and metallurgical characteristics of rock conforming to sampled results; including the quantities of water and the quality of the water that must be diverted or treated during mining operations;
(iii) the capacities and durability of various machinery and equipment;
(iv) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times;
(v) currency exchange rates;
(vi) Super Greensand® and K Forte® sales prices, market size and exchange rate assumed;
(vii) appropriate discount rates applied to the cash flows in the economic analysis;
(viii) tax rates and royalty rates applicable to the proposed mining operation;
(ix) the availability of acceptable financing under assumed structure and costs;
(x) anticipated mining losses and dilution;
(xi) reasonable contingency requirements;
(xii) success in realizing proposed operations;
(xiii) receipt of permits and other regulatory approvals on acceptable terms; and
(xiv) the fulfilment of environmental assessment commitments and arrangements with local communities.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted; variations in rates of recovery and extraction; the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post closure, or the rate of flow of the water being different; developments in world metals markets; risks relating to fluctuations in the Brazilian Real relative to the Canadian dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals; delays in stakeholder negotiations; changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; the effects of competition in the markets in which Verde operates; operational and infrastructure risks and the additional risks described in Verde's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2021. Verde cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Verde, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Verde does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Verde or on our behalf, except as required by law.
For additional information please contact:
Cristiano Veloso, Founder, Chairman & Chief Executive Officer
Tel: +55 (31) 3245 0205; Email: investor@verde.ag
www.investor.verde.ag | www.supergreensand.com | www.verde.ag
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1 See press release at: https://investor.verde.ag/luciana-de-oliveira-cezar-coelho-and-fernando-prezzotto-join-verdes-board-of-directors/
2 See press release: https://investor.verde.ag/wp-content/uploads/2022/05/Verde-AgriTech-Press-Release-Pre-Feasibility-Results-May-16-2022.pdf
3 Top 10 Brazilian Export Destinations, Brazilian Ministry of Industry, Foreign Trade and Services: http://comexstat.mdic.gov.br/pt/comex-vis
4 See press release: https://investor.verde.ag/wp-content/uploads/2022/03/Verde-AgriTech-Q4-2021-Press-Release-March-22-2022.pdf
5 Learn more about our technologies: https://verde.docsend.com/view/yvthnpuv8jx6g4r9
6 See the release at: https://investor.verde.ag/2-5-million-tonnes-per-year-potash-mining-concession-granted-to-verde/
7 See the release at: https://investor.verde.ag/verde-to-reach-3-million-tonnes-potash-production-capacity-in-2022/
8 As per the National Instrument 43-101 Standards of Disclosure for Mineral Projects within Canada (“NI 43 -101”), filed on SEDAR in 2017. See the Pre-Feasibility Study at: https://investor.verde.ag/wp-content/uploads/2021/01/NI-43-101-Pre-Feasibility-Technical-Report-Cerrado-Verde-Project.pdf
9 Union of the Agricultural Fertilizers and Correctives Industry, in the State of São Paulo (“SIACESP”, from Sindicato da Indústria de Fertilizantes e Corretivos Agropecuários, no Estado de São Paulo).
