03/09/2009 (Feronia) - Feronia Inc. ("Feronia") is pleased to announce it has concluded the purchase of Unilever's palm oil plantation located in the Democratic Republic of Congo ("DRC"). The total concession is approximately 100,000 hectares. With the acquisition, Feronia has a 76.2% ownership stake in the palm oil plantation, Plantations et Huileries du Congo S.C.A.R.L. ("PHC").

Established in 1911, PHC has been in operation for 98 years and is one of the world's oldest plantations with the potential to be Africa's largest. It has approximately 15,000 hectares of oil palm in production, with estates at Lokutu, in Orientale province, and at Yaligimba and Boteka in Equateur province. The region has consistent rainfall, and the land is among the highest quality in the world. Out of 100,000 hectares, the company has approximately 70,000 hectares suitable for planting palm oil.

"We are very enthusiastic about the long-term potential of PHC and the implementation of large-scale mechanized farming in the Democratic Republic of Congo and elsewhere in Sub-Saharan Africa," said James Siggs, CEO of Feronia Inc. "We look forward to working with PHC's team, whose expertise is unparalleled in the agriculture industry in Africa."

With virtually all required infrastructure already in place at PHC, the majority of capital expenditures made by Feronia will be on new plantings. Feronia will be acquiring the plantation unencumbered by any debt.

Feronia currently employs approximately 4,300 people and will utilize the highly trained workforce at PHC as a basis for its expansion through the Democratic Republic of Congo. "The existing infrastructure and experienced workforce is a tremendous asset to Feronia which enables us to implement an expansion and refurbishment program at the plantation without any delay." says Bill Dry, COO-Processing of Feronia Inc.