VANCOUVER, BC and BREDA, the NETHERLANDS / ACCESSWIRE / September 8, 2021 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) ("Organto" or "the Company"),an integrated provider of organic and value-added organic fruits and vegetables today announced that it has added fresh organic fairtrade bananas to its growing product portfolio.
Product will be initially sourced from growers in the Dominican Republic, and will be available on a year-round basis. Additional supply regions, leveraging Organto's sourcing resources and relationships in Latin America, are expected to be added to supplement initial supply and expand year-round capabilities. Initially Organto will supply bananas in a variety of sizes and in both loose and bunched formats.
"We are excited to add fresh organic fairtrade bananas to our growing portfolio, as we continue our efforts to build out an ethics driven one-stop shop for fresh organic fruits and vegetables. Organic bananas are a large and growing category, and we feel we can bring added-value to consumers with our unique branded I AM Organic digital passport technology." commented Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe B.V. "With consumption opportunities both at home and on-the-go, bananas are a great fit for our diversified product portfolio. We believe that demand for organic fairtrade bananas will continue to grow as consumers seek out great tasting and convenient foods combined with the unique health benefits that bananas provide including digestive and heart health."
Organto is targeting to grow sales of organic bananas to an approximate CDN $5.0 to $7.01 million annual run-rate over the coming years, with the objective of increasing the organic banana category to annualized revenues of approximately $25.0 million as the Company builds out its supply sources and expands its customer base over time.
Grant of Stock Options
Organto also announced today that it has granted 150,000 stock options to an employee and service provider, as per the terms of the Company's Stock Option Plan, at an exercise price of CDN $0.43, with 20% vesting immediately and 20% on each anniversary thereafter. The options granted have a term of five years.
ON BEHALF OF THE BOARD,
Chair and Co-Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Organto is an integrated provider of branded, private label and distributed organic and non-GMO fruit and vegetable products using a strategic asset-light business model to serve a growing socially responsible and health-conscious consumer around the globe. Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders.
FORWARD LOOKING STATEMENTS
This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting Organto's business model and markets; Organto's belief that demand for organic bananas will continue to grow as consumers seek great tasting foods with unique health benefits; Organto's belief that they can bring added-value to consumers via its unique branded I AM Organic digital passport technology; Organto's plans to expand sources of organic fairtrade bananas; Organto's belief that sales of organic bananas will grow to an annualized run rate of CDN $5.0 to $7.0 million over the coming years and to annualized revenues of approximately $25.0 million over time; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto's business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavorable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.
1Forecast is based on shipping organic bananas an average sales price ranging from CDN$1.40/kg to $1.60/kg of sold product. We anticipate sourcing products from a number of suppliers and countries including, but not limited to the Dominican Republic.
SOURCE: Organto Foods Inc.
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