VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2017) - DuSolo Fertilizers Inc. (TSX VENTURE:DSF) ("DuSolo" or "the Company") is pleased to announce its year end production, sales and financial results for fiscal 2016, which had been delayed from January 30, 2017 as previously disclosed. There have been significant changes to the Company over the 12 months preceding September 30, 2016, including a change of directors and senior management in 2015 and development of new products, exploration, plant and extraction improvements and corporate re-organization in Brazil. The Company continues to make good progress in all areas, including increasing sales to customers of its Direct Application Natural Fertilizer ("DANF") phosphate rock products and rationalization of its assets to focus on value-add projects for the Company and it's shareholders.
For the fiscal year ended September 30, 2016, DuSolo sold 30,450 tonnes of DANF product of varying grades (for the year ended September 30, 2015 - sold 12,289 tonnes of DANF).
Revenue for the fiscal year ended September 30, 2016 was $2,394,405 and gross profit for the same time period was $1,180,996. Net loss for the fiscal year ended September 30, 2016 was $4,071,748 (for the year ended September 30, 2015 - $6,290,065). This translates to a loss per common share (basic and diluted) of $0.02 for the fiscal year ended September 30, 2016 (for the year ended September 30, 2015 - $0.05 per share).
Chief Executive Officer, Giles Baynham noted that "The Company is now seeing the benefits of the efforts of management over the past 18 months. We are working toward achieving a number of milestones in 2017, including finalization of the DANF Preliminary Economic Assessment, obtaining further exploration results and permitting, advancing product development and increasing the size of our DANF market. I want to thank all those management and staff, consultants, advisors and our directors for their hard work and support through this period."
The Company's cash position as at September 30, 2016 was $2,354,728 (including $43,745 that was restricted). For more information, please refer to the management discussion and analysis and financial statements filed on SEDAR at www.sedar.com.
On behalf of DuSolo Fertilizers Inc.
Giles Baynham, Chief Executive Officer and Director
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of DuSolo which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and DuSolo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
For more information please refer to the technical report filed on SEDAR and titled "Bomfim Agro-Mineral Phosphate Project, Technical Report and Initial Resource Estimate Tocantins and Goiás States, Brazil," filed on March 5, 2014, effective December 31, 2013, and amended on February 6, 2015. The resource estimate was signed off by Mr. Porfirio Cabaleiro Rodriguez an Associate Consultant of Coffey Consultoria e Serviços Ltda., and was prepared in compliance with the standards of disclosure as set out in NI43-101. Mr. Rodriguez is an "independent qualified person" for the purposes of NI43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
Disclosure - The Company's decision to produce DANF, its DANF production targets and cash flow projections were not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Without a technical report demonstrating economic and technical viability, there is uncertainty as to whether the Company will be able to economically produce DANF in a long run and as to whether the Company will be confronted with any unforeseen technical impediments. Similarly, the Company has not completed a preliminary economic assessment before making production and project expansion decisions.
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