MBAC announces resignation of CFO and appointment of interim CFO
Shares Outstanding: 110,926,614
Fully Diluted: 120,044,030
TORONTO, June 18, 2012 /PRNewswire/ - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX:MBC and OTCQX:MBCFF) announces that Anthony Cina, CA, Chief Financial Officer, Vice President, Finance and Treasurer has informed the Board of Directors that he will be leaving the Company to pursue other career opportunities. Mr. Cina has agreed to stay with MBAC for a transition period.
Rodrigo Pinto will assume the role of interim Chief Financial Officer over the transition period where he will be evaluated for a permanent promotion. Mr. Pinto has been with the Company since October 2009 as Corporate Controller directly reporting to the Chief Financial Officer. Mr. Pinto has 15 years of accounting, auditing, consulting and finance experience in roles with major companies including PricewaterhouseCoopers LLP, Yamana Gold Inc. and TD Bank. Mr. Pinto is a Chartered Accountant, a Certified Public Accountant in the United States, and holds the equivalent of a CPA designation in Brazil.
Peter Marrone, Chairman stated "On behalf of the Board, I would like to thank Tony for his significant contribution to the development of MBAC over the last three years. Tony played a significant role in arranging the debt financing for the Itafos Arraias SSP Project and was responsible for top quality financial reporting, implementation of internal controls and tax structuring. We sincerely wish Tony every success in his future endeavors."
MBAC is focused on becoming a significant integrated producer of phosphate and potash fertilizers in the Brazilian and Latin American markets. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. In October 2008, MBAC acquired Itafós Mineração Ltda, which consisted of a phosphate mine, a mill and plant and related infrastructure, all located in central Brazil. MBAC's exploration portfolio includes a number of additional exciting phosphate and potash projects, which are also located in Brazil. The Santana Phosphate project is a high grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Pará State. The Company continues to search for additional fertilizer opportunities in the Brazilian and other Latin-American markets, where strong agricultural fundamentals and unique opportunities are expected to provide attractive growth opportunities in the near future. Further information on MBAC can be found on the Company's website at www.mbacfert.com and on SEDAR at www.sedar.com.
Vice Chairman & Chief Executive Officer
FORWARD LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements related to activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, statements related to the Company's search for a new Chief Financial Officer. Forward-looking statements are often identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or "belief", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statements are made, and forward-looking statements involve known and unknown risks, uncertainties and other factors may cause the actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plan, objectives and goals and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake any obligation to update forward-looking statements except in accordance with applicable securities laws.
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