Organto Foods Stock Price, News & Analysis

Organto Foods Inc. announced the results of its 2020 Annual General Meeting held on December 2, where 69.7 million shares were voted, achieving over 99% support for all matters. Six directors were elected, including four independent members. Furthermore, the company confirmed the appointment of its independent auditor and approved the establishment of a Restricted Share Unit Plan. Notably, Organto has opted to accelerate the expiry of common share purchase warrants issued earlier in 2020, setting a new expiry date of January 5, 2021. If all warrants are exercised, Organto could raise an additional $1.5 million.

Organto Foods Inc. has expanded its organic limes portfolio by commencing supply from a Colombian partner, with the first shipment arriving in Europe this week. The company anticipates weekly lime sales of approximately CDN $45,000 to $60,000 and aims for annual revenues of about $10 million. Organto expects fourth-quarter revenues between CDN $4.4 to $4.6 million, marking a 185% increase year-over-year. This will be the sixth consecutive quarter of record revenues, driven by increased demand for limes during the COVID-19 pandemic.

Organto Foods Inc. has announced a significant increase in its seasonal supply of organic avocados from a Moroccan supplier, aiming to triple the supply compared to the previous growing season. The first shipment is expected to arrive in Europe shortly. This expansion aligns with rising global demand for avocados, projected to contribute to record quarterly revenues estimated between $4.4 million and $4.6 million, marking a 185% increase year-over-year. The company has established a year-round supply chain from multiple countries to cater to its growing customer base in Europe.

Organto Foods Inc. announced record financial results for Q3 2020, achieving revenues of $2,737,081—a 41% increase year-over-year—marking the largest quarterly revenue in its history. Year-to-date revenues rose 206% to $6,510,856, surpassing 2019's total. Gross profit also hit a record of $285,951, up 65% year-over-year. The company expects Q4 revenues between $4.4 million and $4.6 million, projecting a 185% increase from Q4 2019. Additionally, 96% of convertible debentures were converted to equity, strengthening the balance sheet.

Organto Foods Inc. announced the appointment of Willem Fiering as Business Development Manager, who brings over 35 years of experience in the fresh fruits and vegetables sector. His expertise will strengthen Organto's commercial team as the company expands in the healthy eating market. Additionally, Organto disclosed the issuance of 990,795 shares to convert CDN $84,079.50 of debt into equity and the exercise of warrants resulting in the purchase of 704,872 common shares. These developments reflect the company's ongoing efforts to enhance its financial position and market presence.

Organto Foods Inc. has appointed Ana Cristina De la Campa as General Manager of LATAM Operations and On-Line Business Development Manager. With a strong background in food science and e-commerce, she aims to enhance organic sourcing and develop online distribution strategies. The company has also engaged Relations Publiques Paradox for investor relations, committing to a monthly fee of CDN $10,000 and issuing 1,000,000 options at $0.10. Organto reports five consecutive quarters of record revenue and margin growth, highlighting its potential for shareholder value creation.

Organto Foods Inc. has announced record third quarter revenue guidance for the period ending September 30, 2020, projecting revenues of approximately CDN $2.6 to CDN $2.7 million. This constitutes over a 30% increase compared to the same quarter last year, marking the fifth consecutive quarter of record revenues. The company aims for an annualized revenue run rate of CDN $20 million by year-end and expects to reach cash-flow breakeven. Strong sales of organic products like avocado, ginger, and asparagus are driving this growth.

Organto Foods Inc. announced the expansion of its organic ginger program and the introduction of organic turmeric to its portfolio. The company, which began distributing organic ginger from Peru in 2018, is now sourcing ginger from Brazil to meet increased demand. This diversification aims to enhance product availability and variety. Additionally, turmeric will be supplied by the same partner, leveraging existing supply chains. Organto anticipates weekly sales for these products to reach CDN $40,000 to $60,000 by year-end and a long-term goal of CDN $5 million in annual revenues.

Leadership Changes at Organto Foods

Organto Foods Inc. has made significant leadership appointments to enhance its growth trajectory. Steve Bromley, currently Chair and Interim CEO, will serve as Co-CEO alongside Rients van der Wal, the Chief Operating Officer. Ralf Langner will take on the role of Chief Financial Officer, while Peter Thibaudier becomes CFO for Organto Europe. The company has also granted 700,000 stock options to a service provider and director. These changes come after four consecutive quarters of record revenue and gross profit growth, positioning the company well for future expansion.