Organto Announces Director Resignation

Rhea-AI Summary

Organto Foods Inc. (TSX-V:OGO) (OTC:OGOFF) has announced that Robert Giustra will step down from the Board of Directors effective April 2, 2021, but will transition into the role of Advisor. Giustra, a co-founder, has been instrumental since the company's inception. His departure aims to allow new food industry executives to bring fresh perspectives to the company. The Board expressed gratitude for Giustra's contributions, stating that the addition of four new Directors over the past year enhances Organto's capability to grow. Giustra remains supportive of Organto's future endeavors.

Positive

• Robert Giustra's move to Advisor may strengthen leadership continuity.
• Addition of four new Directors with extensive food industry experience could enhance strategic direction.

Negative

• Giustra's departure from the Board raises concerns over continuity and experience gaps.

VANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / April 1, 2021 / Organto Foods Inc. (TSX-V:OGO) (OTC:OGOFF) (FSE:OGF) ("Organto" or "the Company"), an integrated provider of organic and value-added organic fruits and vegetables today announced that Robert Giustra is stepping down as a member of the Board of Directors, effective Friday April 2, 2021, but will remain as an Advisor to the Company.

On behalf of the Board, Steve Bromley, Chairman and Co-CEO commented: "Mr. Giustra was a co-founder of Organto and has served on our Board since the Company's inception. During this time, he has made insightful contributions to Organto, drawing on his wealth of experience. With Robert's and the entire Board's full support, we have added four new Directors over the past year, each bringing extensive food industry experience and expertise to the Company. With the integration of these Directors now well underway, Robert is stepping down. On behalf and Rients, myself, the Board and operating team, we would like to express our gratitude to Robert for his valued leadership and contributions and welcome his continued involvement and support as an Advisor."

Robert Giustra commented: "It has been a privilege and an honor to work alongside Steve Bromley and Rients Van der Wal in the transformational phase of Organto's business model. I believe it's time for me to step-down in order to accommodate successful food industry executives, who can take Organto to the next level in its development. I truly believe Organto has become a world class operator that will greatly reward its shareholders, and I look forward to supporting these efforts as an Advisor."

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

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. Organto is an integrated provider of 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 the addition of four new Director's brings deep foods industry experience and expertise to the Company; 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.

View source version on accesswire.com:
https://www.accesswire.com/638676/Organto-Announces-Director-Resignation

FAQ

Why is Robert Giustra stepping down from the Board of Organto Foods?

Robert Giustra is stepping down to make way for successful food industry executives to lead Organto's growth while he remains as an Advisor.

Who will replace Robert Giustra on the Board of Organto Foods?

While specific replacements are not mentioned, four new Directors with extensive food industry experience have been added over the past year.

What is Robert Giustra's role after stepping down?

Robert Giustra will continue his involvement with Organto as an Advisor, supporting the company's strategic initiatives.

What are the implications of Giustra's resignation for Organto Foods (OGOFF)?

Giustra's resignation could impact Board continuity and experience, but the addition of new Directors aims to bolster leadership effectiveness.