SAN DIEGO, Nov. 20, 2013 /PRNewswire/ -- Today, Sirius Financial Services, Inc., (Pink Sheets: JZZI) announced it has acquired a new subsidiary, Farmica Africa.
Farmica Africa is a producer of Lemon grass based products including tea, soap, an energy drink, insect repellant and essential oil.
Lemon grass oil has a strong lemon-like odor due to high citric content (75-90%). The minimum commercial requirement is 70% citric content.
Oil of Lemon grass is used as an ingredient in toiletry products such as toilet soaps, bath salts, etc. It is also employed in artificial lemon flavoring and in the manufacturing of ionones, which are very important for the production of artificial flavor, perfumes and soaps and as raw material for vitamin A manufacturing.
The Company will be installing machines with the factory capacity much bigger and can take more Lemon grass products outside its farm and used with out growers in 2014. The field management staff believes that out growers such as in other Lemon grass growing countries such as Kenya and Rwanda is socially, politically and economically worth investing.
The Company is targeting 500 acres of Lemon grass production in the first phase through 2014 and increasing its production level in 2015 to 2,500 acres. This level of production will generate a capacity of 36.5 tons of each product from Lemon grass in the first year. The present worldwide demand for Lemon grass product is estimated at 56.8 tons per year and is expected to reach 68.4 tons by 2023.
Farmica Africa is aiming at reducing poverty and hunger among the local population in Sierra Leone, thereby improving their socio-economic status in the country. This will be done through support to farmers, product processing and marketing. The vision of Farmica Africa is to be one of the leading Lemon grass producers of high quality products in West Africa.
About Farmica Africa Farmica Africa Limited is a producer of Lemon grass based products including tea, soap, an energy drink, insect repellant and essential oil. The company intends on expanding its farming production to include turmeric, ginger, papaya and moringa. In addition, Farmica Africa is expanding its import/export business to help satisfy the many needs within West Africa
Forward-Looking Statements Disclosure: This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
SOURCE Sirius Financial Services, Inc.