Organto Foods - OGOFF STOCK NEWS

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.

Organto Foods announced the completion of selling three wholly-owned Dutch subsidiaries—Organto Europe BV, Fresh Organic Choice BV, and BeeOrganic BV—to an independent third party. This divestiture aims to streamline operations, improve financial stability, and enhance profitability. The transaction was completed on an arm's length basis, with the purchaser acquiring the subsidiaries for €1 while assuming all their assets and liabilities, amounting to a net liability of approximately C$4 million. The purchaser gains rights to assets like cash, accounts receivable, inventories, and trademark rights, while also taking on liabilities such as accounts payable and leasehold obligations. Organto retains key subsidiaries, including NFG New Fruit Group GmbH, its core entity for organic products in Europe.

Organto Foods has provided an updated status regarding its management cease trade order (MCTO) linked to the delayed filing of its 2023 annual financial statements. The British Columbia Securities Commission granted an extension of the MCTO until July 15, 2024. This order restricts the trading activities of certain company executives but does not affect shareholders. The company and its auditors are working to complete the filings promptly. No new material changes or additional defaults have been reported since the last update on July 3, 2024.

Organto Foods, a provider of organic and non-GMO fruit and vegetables, has updated the status of its management cease trade order (MCTO). Granted on May 1, 2024, by the British Columbia Securities Commission, the MCTO was extended to July 15, 2024, due to audit delays for the year ending December 31, 2023. The MCTO affects the trading activities of the CEO, former Co-CEO, and CFO but does not impact shareholder trading. Organto and its auditors are working to complete the filings promptly. The company has adhered to regulatory guidelines and confirmed no additional material changes or defaults.