Organto Foods Stock Price, News & Analysis

Organto Foods has successfully closed the third tranche of its unsecured convertible debenture financing, raising $500,000 in gross proceeds. This financing is part of a larger fundraising effort that has generated total gross proceeds of CAD $1,033,000. The debentures carry a 10% annual interest rate and mature in December 2024, convertible into common shares at CDN $0.30 per share. If Organto's share price exceeds CDN $0.45 for 10 consecutive trading days, the company may accelerate conversion. The funds will support growth initiatives and general working capital.

Organto Foods has successfully completed the second tranche of its private placement of unsecured convertible debentures, raising $238,000. The debentures carry a 10% annual interest rate, maturing in February 2025, and can be converted into common shares at CDN $0.30 each. If Organto's shares exceed CDN $0.45 for 10 consecutive trading days, conversion may be accelerated. Total fundraising from this placement may reach $1.1 million. The funds will support growth initiatives and general working capital, pending final acceptance from the TSX Venture Exchange.

Organto Foods Inc. (OTCQB:OGOFF) has successfully closed the first tranche of its private placement of unsecured convertible debentures, raising $295,000 in gross proceeds. The debentures will mature in February 2025, carrying a 10% annual interest rate and convertible into common shares at CDN $0.30 per share. Organto aims to raise a total of $1.1 million through multiple tranches to support growth initiatives and general working capital. The company has also relocated its head office to Toronto, Ontario.

Organto Foods Inc. projects significant growth for fiscal 2023, estimating a sales increase of approximately 135% and a gross profit growth of around 200% compared to 2022. The company expects to achieve EBITDA positivity in the latter half of the year, alongside the full integration of its recent acquisition, The New Fruit Group. In Q4 2022, Organto recorded sales of approximately $5.5 million, marking a 12% year-over-year increase. The company also reported a strong year-end cash balance of $5.8 million. Despite facing macroeconomic challenges, management remains optimistic about capturing growth opportunities in the organic produce market.

Organto Foods is hosting a 2023 Business Outlook Webinar on January 30, 2023, at 4:15 PM EST. The Co-CEOs, Steve Bromley and Rients Van der Wal, will discuss market trends, operational updates, and growth strategies, including insights on their recent acquisition, the New Fruit Group. Interested participants can join via Zoom using the provided link. The company focuses on providing organic and non-GMO products with a mission centered around sustainable practices and community engagement.

Organto Foods has announced that its I AM Organic branded banana has been recognized as one of the Top 5 most innovative organic products in the Netherlands for 2023. This recognition comes from a selection process organized by BioNederland and FoodPersonality, with nearly 14,000 votes cast. The honor highlights the product's commitment to sustainability, transparency, and a carbon-neutral footprint. Meanwhile, Organto's recent acquisition of The New Fruit Group positions it to expand its organic banana offerings in European retail markets. This achievement enhances Organto's visibility among retailers and supports its growth strategy in Europe.

Organto Foods Inc. (OTCQB:OGOFF) expands its product line with the launch of the =AWESOME brand, featuring non-GMO fruit products like bananas and apples. The new brand aims to address consumer needs amid inflationary pressures and complements Organto's existing organic offerings. Initial deliveries have begun in Germany, with plans to expand to 1,000 points of sale across Europe. This strategic move aligns with the company's mission for sustainable and healthy food options. The company believes this venture will enhance growth opportunities and appeal to health-conscious consumers.

Organto Foods Inc. has successfully acquired NFG New Fruit Group GmbH, a certified supplier of organic produce including bananas, avocados, and mangoes. The deal enhances Organto's sourcing capabilities in key European markets, expected to generate approximately €15 million (around CDN $20 million) in sales for 2023 with positive EBITDA contributions. The acquisition involves a payment of €250,000 in cash, issuance of 2,250,000 common shares, and a €400,000 note payable. This strategic move aligns with Organto's growth ambitions in the organic fruit and vegetable sector.