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