AgroPages-Verde AgriTech appoints new CFO and provides sales update-Agricultural news

Verde AgriTech appoints new CFO and provides sales update

Verde AgriTech Plc (TSX: NPK) ("Verde” or the “Company”) appointed Felipe Buscacio Paolucci as the Chief Financial Officer (“CFO”).

Mr. Paolucci is an executive with over 15 years of experience in finance in multinational companies such Arysta (UPL), Unilever and Deloitte.

Mr. Paolucci has over 9 years of experience in the agricultural business working for Arysta, a part of the UPL group, the world’s fifth largest agrochemical and biosolutions company, with over USD 5 billion of sales. As an executive at Arysta, he focused on finance, logistics, procurement and planning across both Brazil and Latin America. Mr. Paolucci holds an MBA from Insper and a BA in management and finance from Fumec University, Brazil.

Mr. Paolucci will be based in Belo Horizonte, Brazil, and will replace Mr. Tim Slater, who has acted as the Company’s interim CFO for the past few years, based out of London, UK. Verde is thankful to the outstanding job that Mr. Slater has performed over the years in the position of CFO.

Mr. Paolucci declared: “After carefully analyzing multiple companies, my choice for Verde comes down to one word: ‘future’. The Company has a clear and solid strategy for future growth buttressed by Brazil’s strong agricultural sector and with an upside potential in international markets. I am eager to tackle the challenges that will make Verde a market leader.”

President and CEO, Cristiano Veloso, commented: “It is a pleasure for Verde to have Mr. Paolucci join as its CFO. He will be working close to our growing team in Brazil, especially overseeing trade finance and capital expenditure. Mr. Paolucci has significant experience in the agricultural market in Brazil and is choosing Verde because he believes in the massive market opportunity we are seizing upon, so much so that he is investing over six figures in the Company’s ongoing private placement.”

Delivery of Orders for 2018 and Incoming Orders for 2019

The Company delivered 29,647 tonnes of product in 2018, having had to waive over 17,000 tonnes of orders because the mine and processing plant were closed down early because of the earlier than usual rainy season. Previously, in 2017, total sales approached 5,000 tonnes.

Orders for the 2019 season were opened late 2018 and Verde has already received orders for over 14,170 tonnes, down payment for which has been mostly received. Mining and production will resume after the end of the rainy season in mid-March. The Company is aiming to sell 200,000 tonnes of product throughout 2019.