VANCOUVER, BC AND BREDA, NETHERLANDS / ACCESSWIRE / June 26, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF) ("Organto" or the "Company"), a leading provider of organic and non-GMO fruit and vegetable products, today provided an update with respect to its previously announced management cease trade order (the "MCTO") relating to the late filing of the Company's annual financial statements and accompanying management's discussion and analysis for the year ended December 31, 2023 (the "Annual Filings").
Further to the Company's news release dated May 1, 2024 (the "Announcement"), the Company's principal regulator, the British Columbia Securities Commission (the "Commission"), granted the MCTO on May 1, 2024, under National Policy 12-203 - Management Cease Trader Orders ("NP 12-203"). Pursuant to the MCTO, the Co-Chief Executive Officers and the Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Annual Filings and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities. The Company's Board of Directors and management are continuing to work with its accounting team to prepare the Annual Filings as soon as practicable.
Until the Annual Filings are filed, the Company will comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release.
The Company confirms that work to complete the annual audit for the year ended December 31, 2023 continues to progress. However, there is no assurance that the audit will be completed by the June 28, 2024 MCTO filing deadline. As a precaution, the Company has applied to extend the MCTO filing deadline to July 28, 2024.
In addition, the Company confirms that since the date of the Announcement:(i) there has not been any other specified default by the Company under NP 12-203; (ii) the Company is not subject to any insolvency proceedings; and (iii) there is no material information concerning the affairs of the Company that has not been generally disclosed.
ON BEHALF OF THE COMPANY
Steve Bromley
Chair and Co-CEO
For more information contact:
Investor Relations
John Rathwell, Senior Vice President, Investor Relations & Corporate Development
647 629 0018
info@organto.com
ABOUT ORGANTO
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 the Company's reasonable expectation that the Annual Filings will be finalized on or before July 28, 2024. 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.
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.
SOURCE: Organto Foods Inc.
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