Welcome to our dedicated page for Organto Foods news (Ticker: OGOFF), a resource for investors and traders seeking the latest updates and insights on Organto Foods stock.
Organto Foods Inc. supplies certified organic and fairtrade produce to international retailers through a model built around global sourcing, logistics, and distribution. Company news commonly covers European retail programs, grower and supply partnerships, logistics capacity, and the expansion of its fresh produce platform.
Updates also address audited financial results prepared under IFRS, financing facilities for European foods operations, warrant exercises and other capital actions, leadership appointments, marketing and market-making engagements, and participation in fresh produce industry events.
Organto Foods Inc. has signed a Letter of Intent to acquire Beeorganic B.V., a Dutch supplier of fairtrade organic bananas, for €900,000 in cash and shares. This acquisition aims to enhance Organto's portfolio of organic fruits and vegetables, leveraging Beeorganic's expertise and assets. Beeorganic expects revenues of approximately CDN $6.0 million with positive EBITDA margins. The deal is considered EBITDA accretive and will facilitate growth in the banana category, aligning with Organto's strategy of internal growth and acquisitions.
Organto Foods Inc. has partnered with Gorillas, listing their I AM Organic branded products in the Netherlands and Belgium. This partnership aims to enhance access to organic fruits and vegetables through rapid delivery methods, promoting sustainability and reducing food waste. The initial product range includes organic bananas, assorted fresh cut fruits, and green asparagus, with plans for expansion across other Gorillas-active countries. The collaboration aligns with Organto's long-term growth strategy to create a unified source of organic produce while improving consumer transparency.
Organto Foods Inc. announced the addition of fresh organic fairtrade bananas to its product portfolio, initially sourced from the Dominican Republic and available year-round. The company aims to achieve annual sales of CDN $5.0 to $7.0 million, ultimately targeting $25.0 million through expanded sourcing and customer growth. Additionally, Organto granted 150,000 stock options to employees at an exercise price of CDN $0.43, with a five-year term. The move aligns with Organto's commitment to sustainability and meeting growing consumer demand for organic products.
Organto Foods Inc. has announced the addition of a variety of organic fresh cut fruits to its product portfolio. This includes red apples, grapes, mango, pineapple, blueberries, and raspberries, sourced from growers in Europe and Latin America. The Company aims to achieve annual sales of approximately CDN $2.5 to $3.5 million within a year, targeting a long-term goal of CDN $10 million. Products will feature eco-friendly packaging and utilize the I AM Organic digital passport technology for transparency regarding product details.
Organto Foods Inc. reported record second quarter revenues of $5,372,162, a 148% increase year-over-year, and the largest quarterly gross profit of $648,987 (12.1% of revenues). Despite operational challenges, including lower avocado prices and logistics issues, the company reaffirmed its 2021 revenue guidance of $35 million to $37 million. Positive balance sheet improvements include cash on hand of $2,760,506 and a working capital of $1,996,710. However, the company reported a net loss of $1,155,758 for the quarter.
Organto Foods Inc. (OGOFF) has entered a strategic agreement with The Greenery Logistics to enhance logistics in key European markets. This partnership aims to streamline product handling, quality control, and warehousing, expected to improve cost efficiencies and service levels. Co-CEO Rients van der Wal emphasized that this collaboration aligns with Organto's asset-light business model and supports the development of its branded products.
The Greenery Logistics is an established market leader with automated distribution centers, focusing on independent logistics services.
Organto Foods has filed a final short form base shelf prospectus with Canadian securities regulators, enabling the company to offer up to CDN $50 million in various securities over the next 25 months. This includes common shares, debt, convertible securities, and more. Though the prospectus allows for future offerings based on market conditions, Organto currently has no immediate plans to raise funds. The company aims to maintain financial flexibility as it develops its organic and value-added products.
Organto Foods Inc. held its 2021 Annual General Meeting on June 28, 2021, in Vancouver, with approximately 26% of outstanding shares voting. All agenda items received over 99% shareholder approval. Seven directors were elected to the board, with 71.4% being independent. The appointment of a new independent auditor, Dale Matheson Carr-Hilton Labonte LLP, was ratified, along with the continuation of the Share Option Plan and Restricted Share Unit Plan. Additionally, 200,000 stock options were granted to an employee at an exercise price of CDN $0.385.
Organto Foods has announced that its shares are now DTC eligible, allowing for electronic clearing and settlement in the U.S. This move is expected to lower costs and speed up transactions for investors and brokers, making Organto's stock more accessible. According to Steve Bromley, Chair and Co-CEO, this eligibility is a strategic step to broaden the investor base in the fast-growing organic food market. The press release emphasizes the commitment of Organto to sustainable practices and the potential growth opportunities ahead.
Organto Foods Inc. reported record financial results for the first quarter ended March 31, 2021, achieving revenues of $4,773,062, a 191% increase year-over-year, marking the largest first quarter revenues in its history. The gross profit also hit a record at $457,815, representing 9.6% of revenues. Cash overhead costs decreased to 24.0% of revenues. The balance sheet shows $3,629,677 in cash and significantly improved working capital. Despite the positive growth metrics, the company reported a net loss of $1,247,764, up from a loss of $643,698 in the prior year.