Organto Announces Appointment of Willem Fiering as Business Development Manager

Rhea-AI Summary

Organto Foods Inc. announced the appointment of Willem Fiering as Business Development Manager, who brings over 35 years of experience in the fresh fruits and vegetables sector. His expertise will strengthen Organto's commercial team as the company expands in the healthy eating market. Additionally, Organto disclosed the issuance of 990,795 shares to convert CDN $84,079.50 of debt into equity and the exercise of warrants resulting in the purchase of 704,872 common shares. These developments reflect the company's ongoing efforts to enhance its financial position and market presence.

Positive

• Appointment of Willem Fiering as Business Development Manager, enhancing commercial team expertise.
• Expected acceleration in growth and expansion into new product categories.

Negative

• Issuance of shares to settle debt may lead to shareholder dilution.
• Dependence on successful implementation of business model and market conditions.

Further Expands Commercial Development Resources

VANCOUVER, BC and BREDA, the NETHERLANDS / ACCESSWIRE / October 28, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF)(FSE:OGF) ("Organto" or "the Company"), an integrated provider of organic and value-added organic fruits and vegetables is pleased to announce the appointment of Willem Fiering as Business Development Manager.

Mr. Fiering brings over 35 years of hands-on fresh fruits and vegetables experience to Organto, serving an extensive European customer base with healthy foods products sourced from around the globe. Prior to joining Organto, Mr. Fiering spent 18 years with a Holland based provider of internationally sourced fruits and vegetables, focusing primarily on the citrus and avocado categories. Mr. Fiering also spent 12 years with a Spanish based provider of internationally sourced fruits and vegetables, where he focused on lemons, limes, avocado and mango. Mr. Fiering speaks five languages including Dutch, English, German, French & Hebrew and will work from the Company's commercial office located in Breda, the Netherlands.

"We are pleased to have Willem join our team at this very exciting time as we continue to build-out our platform in fast-growing healthy eating categories." commented Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe, B.V. "We have been making solid progress in our integrated organic fruits and vegetables business, and Willem adds further depth to our commercial team from procurement through logistics, selling and account management. We are anxious to leverage his deep knowledge base and entrepreneurial drive as we continue to accelerate our growth in existing categories and expand into others."

Shares for Debt Settlements

Organto also announced that the TSX-V has accepted the shares for debt settlements as detailed in the Company's news releases dated August 19, 2020 and June 24, 2020 and Organto has issued 990,795 common shares to service providers to convert CDN $84,079.50 of debt into equity. These shares are subject to hold periods expiring February 16, 2021 (472,698 shares), April 16, 2021 (172,699 shares), July 16, 2021 (172,699 shares) and October 16, 2021 (172,699 shares).

Exercise of Warrants

Organto also announced today that certain insiders have exercised warrants to purchase 704,872 common shares of the Company. The warrants were issued as part of the Company's bridge financing that was announced on March 13, 2020.

ON BEHALF OF THE BOARD,

Steve Bromley
Chair and Co-Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For more information contact:

Investor Relations
604-634-0970
1-888-818-1364
info@organto.com

ABOUT ORGANTO

Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders. Organtois an integrated provider of branded, private label and bulk distributed organic and non-GMO fruit and vegetable products using an asset-light business model to serve a growing socially responsible and health conscious consumer around the globe.

FORWARD LOOKING STATEMENTS

This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting Organto's business model and markets; Organto's belief that Mr. Fiering's deep industry experience will be a valuable addition to Organto; Organto's belief that Mr.Fiering's addition will help accelerate growth in existing categories and expand into others; management's beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto's business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavorable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.

SOURCE: Organto Foods Inc.

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FAQ

Who is Willem Fiering and what is his role at Organto?

Willem Fiering is appointed as the Business Development Manager at Organto, with over 35 years of experience in the fresh fruits and vegetables industry.

What impact will the appointment of Willem Fiering have on Organto?

His expertise is expected to enhance Organto's growth in existing categories and facilitate expansion into new markets.

What is the significance of the shares for debt settlement announced by Organto?

Organto issued 990,795 shares to convert CDN $84,079.50 of debt into equity, which may affect shareholder equity due to dilution.

What financial actions did Organto announce besides the appointment?

Organto reported the exercise of warrants resulting in the purchase of 704,872 common shares and the conversion of debt to equity.