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Oragin Foods Announces Resignation of Part-Time CFO
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
ORAGIN Foods Inc. announced the resignation of its part-time CFO and is currently managing the transitional period until a new CFO is appointed. The Company is focused on maintaining operational continuity in its retail and CPG divisions, which are functioning with sufficient cash reserves. The resignation follows challenges related to the renewal of the Company's Directors & Officers Indemnity Insurance, which led to previous resignations of independent directors. Matt Lurie continues as the sole director and officer, emphasizing the Company's commitment to future growth.
Positive
Company has sufficient cash reserves to continue operations.
Ongoing commitment to repopulating management positions.
Negative
Resignation of CFO raises concerns about leadership continuity.
Potential risks associated with being non-compliant with Exchange requirements due to lack of directors.
TORONTO--(BUSINESS WIRE)--
ORAGIN Foods Inc. (“ORAGIN” or the “Company”) (TSXV: OG) (OTC: OGGFF) (FRA: 9CW) announces that the Company’s part-time Chief Financial Officer (the “CFO”) has resigned, and the Company has allocated resources to manage the transitional period until a replacement CFO is hired.
As announced in the news release on November 23, 2022, the Company’s retail business and CPG Division continue to operate, as the Company has sufficient cash on hand to continue its operations.
As disclosed on November 23, 2022 in connection with the resignation of the Company’s independent directors, the Company’s Directors & Officers Indemnity Insurance (the "D&O Insurance”), which was scheduled for renewal, could only be renewed with certain limitations related to and as a result of the Notices and related circumstances, and the Company believes that the CFO has tendered his resignation as a result, consistent with the resignations of the independent directors.
Matt Lurie, President and CEO, remains as the Company’s sole director and officer.
“As the Company navigates through this transitional period, we remain committed and excited about the future, and the tremendous efforts and advancements being made by our operating teams. We are focused on repopulating the positions and roles within the company to meet the requirements of the Exchange and the vision of the Company moving forward,” said President and CEO Matt Lurie.
Status of Listing on the Exchange and Next Steps
Further to the Company’s news release dated November 22, 2022, the TSX Venture Exchange (the “Exchange”) has issued a bulletin announcing that trading in the shares of the Company will be suspended as a result of the Company having less than three directors, effective at the opening, Friday, November 25, 2022.
About Oragin Foods Inc.
Oragin Foods Inc (TSXV: OG) (OTC: OGGFF) (FRA: 9CW) is a Canadian multi-pronged food company, where new and innovative food and beverage brands are developed, acquired, grown and commercialized through a Consumer Packaged Goods (CPG) Division, and the company also houses a Retail Division, which owns and operates one of Canada’s leading natural and organic food retailers Organic Garage. For more information please visit the Oragin website at www.oragin.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Oragin Foods, that may cause the actual results, level of activity, performance or achievements of Oragin Foods to be materially different from those expressed or implied by such forward looking statements. Although Oragin Foods has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. In this news release, the Company is making forward-looking statements including but not limited with respect to: the timing for the anticipated suspension of the Company’s listing on the Exchange; the Company’s ability to continue retail and CPG operations, including there being sufficient cash on hand to continue operations; and the Company’s intention and ability to repopulate the positions required to satisfy the requirements of the Exchange.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Oragin Foods’ actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, Oragin Foods assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
What impact does the CFO resignation have on ORAGIN Foods' stock symbol OGGFF?
The resignation of the CFO could lead to short-term uncertainty, impacting investor confidence and potentially affecting stock performance.
Is ORAGIN Foods still able to operate after the CFO resignation?
Yes, ORAGIN Foods has sufficient cash reserves to maintain its operations despite the CFO's resignation.
What steps is ORAGIN Foods taking to address its leadership changes?
The Company is focused on repopulating key management positions to ensure compliance with Exchange requirements and support future growth.
Why did the CFO resign at ORAGIN Foods?
The CFO's resignation appears to be linked to issues surrounding the renewal of the Company's Directors & Officers Indemnity Insurance and the context of previous director resignations.
What is the current status of ORAGIN Foods' listing on the TSX Venture Exchange?
As of November 25, 2022, trading in ORAGIN Foods' shares has been suspended due to having fewer than three directors.
