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. (TSXV:OGO)(OTC PINK:OGOFF) announced that Antares Capital Management has acquired over 67% of the company's outstanding 5-year, 8.0% convertible unsecured subordinated debentures, with an aggregate face value of $8,050,000. These debentures are due November 30, 2026.
Under the trust indenture terms, Antares must extend the same purchase offer to all remaining debenture holders. Organto will coordinate with Computershare Trust Company of Canada to facilitate this offer. The company has also agreed to discuss potential restructuring of the debentures' terms with Antares.
CEO Steve Bromley expressed appreciation for Antares' transparency and willingness to explore potential debenture restructuring options that would benefit all stakeholders.
Organto Foods Inc. (TSX-V:OGO)(OTC PINK:OGOFF) has announced the resumption of trading of its common shares on the TSX Venture Exchange, effective March 12, 2025. The company's stock will return to trading after completing all necessary requirements for reinstatement.
According to Chair and CEO Steve Bromley, despite the absence of a liquid market for several months, the company has focused on turning around its business operations, as detailed in their March 7, 2025 news release. With the completion of financial and related filings, Organto plans to recapitalize the company to strengthen its position and build on current business momentum.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) announces the reinstatement of trading on the TSX Venture Exchange following the resolution of a Failure-to-File Cease Trade Order (FFCTO). The FFCTO, issued on July 16, 2024, was due to delayed financial statements filing and was revoked on January 2, 2025.
The company reports a significant working capital deficiency of $14,478,925 as of September 30, 2024, primarily consisting of convertible debentures ($10,641,350) and associated interest ($1,621,531). To address this, Organto plans to restructure convertible debt, settle existing debts via share issuance, and complete a private placement.
In 2024-2025, the company has undergone operational restructuring, including streamlining its product portfolio and selling three European subsidiaries to reduce costs. The company also received related party loans from CEO Steve Bromley (USD $355,000) and COO Bob Kouw (CDN $33,000), with Bromley's advances applied to an April 2024 private placement.
Organto Foods (TSXV:OGO)(OTC PINK:OGOFF) announces the full revocation of a Failure to File Cease Trade Order (FFCTO) by the British Columbia Securities Commission (BCSC), effective January 2, 2025. The FFCTO was initially issued on July 16, 2024, due to the company's failure to file required financial statements and related documents for fiscal year 2023 and Q1 2024.
The company has since submitted the required filings on October 9 and October 24, 2024, which are now available on SEDAR+. Organto has submitted an application to the TSX Venture Exchange to reinstate trading of its common shares.
Organto Foods announced the immediate resignation of Director Jeremy Kendall due to personal circumstances. Kendall, who joined the board in February 2021, was recognized by Chair and CEO Steve Bromley for his dedication, passion for organic foods, and industry experience during the company's recent repositioning. Following Kendall's departure, the Board now consists of six directors, with five being independent and one being a company officer.
Organto Foods reported Q3 2024 financial results showing significant improvements. Sales increased 47% to $5.2 million, with gross profit rising 63% to $0.6 million (11.8% of sales). The company's restructuring efforts, including streamlined product portfolio and marketing strategy, yielded positive results. Q3 loss narrowed to $0.8 million from $1.6 million year-over-year. Year-to-date sales grew 31% to $14.3 million, with gross profit at $1.2 million. The company recorded a $2.6 million gain from selling three Dutch subsidiaries and continues to focus on restructuring convertible debenture obligations for improved operational flexibility.
Organto Foods released its Q2 2024 financial results, showing significant improvements. Sales reached $4.4 million in Q2, up 24% from prior year, while year-to-date sales hit $9.0 million, a 23% increase. The company reported Q2 gross profit of $0.3 million (6.4% of sales) and a net income of $2.1 million, including a $2.7 million gain from selling three Dutch subsidiaries. Cash overhead costs decreased to 13% of sales in Q2, reflecting business streamlining efforts. The company is working to lift its current Cease Trade Order and restructure convertible debenture obligations for reduced debt levels and greater operational flexibility.
Organto Foods reported Q1 2024 financial results with sales of $6.7 million, down 11% from $7.5 million in Q1 2023. The company's retained businesses showed 22% growth, while divested subsidiaries declined 37%. Gross profit decreased to 2.1% from 9.7% year-over-year. Operating loss improved to $1.4 million from $1.6 million, and net loss reduced to $1.5 million from $2.0 million. The company is undergoing significant restructuring, including streamlining its product portfolio and reducing costs through internal reorganization and the sale of three operating subsidiaries. Cash overhead costs decreased 32% to $1.4 million.
Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF) released its audited financial results for the year ended December 31, 2023. Key highlights include:
- Record sales of $27.7 million, up 25% from the previous year
- Gross profit of $2.5 million (8.9% of sales), up 94% year-over-year
- Operating loss of $6.1 million, improved from $6.9 million in 2022
- Net loss of $13.4 million, increased from $10.8 million in 2022
The company underwent significant restructuring to streamline its product portfolio, refocus marketing strategies, and reduce costs. Organto is finalizing the restructuring of its convertible debenture obligations and expects to file Q1 and Q2 2024 financial statements soon to meet requirements for lifting the current Cease Trade Order.
Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF), a provider of organic and non-GMO produce, has been issued a failure-to-file cease trade order (FFCTO) by the British Columbia Securities Commission. This order prohibits trading of Organto's securities in Canada, including on the TSX Venture Exchange, due to delays in filing annual and interim financial statements.
The FFCTO replaces a previous management cease trade order granted on May 1, 2024. Organto is working with auditors to complete the required filings as soon as possible. The company expects to announce Q1 2024 results and file interim filings in early August. Organto is not subject to insolvency proceedings and states that all material information has been disclosed.