Part of the 100,000 ha of land that FLGI acquired in Guinea in 2010.
LONDON - Following its progress in the Republic of Guinea, Farm Lands of Guinea, Inc., which intends to restore a quarter of a million acres of underutilized West African agricultural land, has been invited by neighboring governments to investigate the possibilities of replicating its business model there as well.
A survey started on Monday in the Republic of Sierra Leone covering 11,900 hectares of land to the west of the River Tai, which enjoys generous annual rainfall and may be suitable for large scale rice production. "The economy of Sierra Leone is being rebuilt stage by stage under the vigorous democracy which followed the resolution of its civil war," said FLGI CEO Mark Keegan on location.
In addition, FLGI has established a subsidiary company in The Gambia which has applied for land on the north bank of The Gambia River. "The Gambia is well known internationally for its thriving tourist industry. It is also a fertile country and the democratically elected government actively encourages diversification," continued Mr. Keegan. Farm Lands of Guinea is confident that the application of capital and modern methods will have a significant impact on the productivity of the whole West African region.
"Opportunities exist for a good return on investment, but more importantly, these endeavors will lift large numbers of people out of poverty and provide a secure food supply," said Mr. Keegan. "The key to FLGI's program is to make the people we serve across all sectors into stakeholders," concluded Mr. Keegan.
About Farm Lands of Guinea, Inc.
FLGI through its 90%-owned subsidiary, Land & Resources (Guinea) SA ("Land & Resources") is a development- stage agricultural company in the Republic of Guinea ("Guinea"). It is engaged in rehabilitating land, and restoring arable production using modern agricultural techniques and practices. Land & Resources currently plans to develop 8,815 hectares in the villages of N'Dema and Konindou to grow maize and soybeans in rotation as a pilot program for the development of 98,400 hectares lying to the south and east of Saraya.
FLGI proposes to develop the leased land to grow in rotation, maize and soybeans. Given the rainfall, the temperature profile and the nature of the soil, it is anticipated that the land when developed will produce up to four tons of soybeans per hectare. The rotation will be one year of maize followed by two years of soya. The completion of FLGI's agricultural activities will result in a multi-million dollar inward investment into the Republic of Guinea which is recovering fast under its new democratically elected Government.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Resource Acquisition's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.
Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Guinea, as well as all assumptions, expectations, predictions, intentions or beliefs about future events.
Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Guinea, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Michael Barton, CFO
Farm Lands of Guinea, Inc.
+44 1257 480597
Dan McClory, Managing Director
Hunter Wise Financial Group
+1 949 732 4102
SOURCE Farm Lands of Guinea, Inc.