Mr. Matthew O'Neill reports

ITAFOS UPGRADES TO OTCQX BEST MARKET

The OTC Markets Group Inc., operator of regulated markets for trading 12,000 U.S. and international securities, has approved Itafos Inc.'s application to trade on the OTCQX Best Market, upgrading from the Pink market. Itafos will begin trading today on the OTCQX under the symbol ITFS.

Trading on the OTCQX Best Market offers Itafos an efficient, cost-effective way to access the U.S. capital markets, provides transparent trading for its U.S. investors and allows the company to utilize the international market reporting standards it adheres to while trading on the TSX-V exchange. To qualify for the OTCQX Best Market, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

About Itafos Inc.

The company is a phosphate and specialty fertilizer company. The company's businesses and projects are as follows:

• Conda -- a vertically integrated phosphate fertilizer business located in Idaho, United States, with production capacity as follows:
  • Approximately 550,000 tonnes per year of monoammonium phosphate (MAP), MAP with micronutrients (MAP+), superphosphoric acid (SPA), merchant-grade phosphoric acid (MGA) and ammonium polyphosphate (APP);
  • Approximately 27,000 tonnes per year of hydrofluorosilicic acid (HFSA);
• Arraias -- a vertically integrated phosphate fertilizer business located in Tocantins, Brazil, with production capacity as follows:
  • Approximately 500,000 tonnes per year of single superphosphate (SSP) and SSP with micronutrients (SSP+);
  • Aapproximately 40,000 tonnes per year of excess sulphuric acid (220,000-tonne-per-year gross sulphuric acid production capacity);
• Farim -- a high-grade phosphate mine project located in Farim, Guinea-Bissau;
• Santana -- a vertically integrated high-grade phosphate mine and fertilizer plant project located in Para, Brazil.

The company is a Delaware corporation that is headquartered in Houston, Tex. The company's shares trade on the TSX Venture Exchange under the ticker symbol IFOS. The company's principal shareholder is CL Fertilizers Holding LLC (CLF). CLF is an affiliate of Castlelake LP, a global private investment firm.

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