Organto Announces Reinstatement of Trading on the TSX Venture Exchange
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) announces the reinstatement of trading on the TSX Venture Exchange following the resolution of a Failure-to-File Cease Trade Order (FFCTO). The FFCTO, issued on July 16, 2024, was due to delayed financial statements filing and was revoked on January 2, 2025.
The company reports a significant working capital deficiency of $14,478,925 as of September 30, 2024, primarily consisting of convertible debentures ($10,641,350) and associated interest ($1,621,531). To address this, Organto plans to restructure convertible debt, settle existing debts via share issuance, and complete a private placement.
In 2024-2025, the company has undergone operational restructuring, including streamlining its product portfolio and selling three European subsidiaries to reduce costs. The company also received related party loans from CEO Steve Bromley (USD $355,000) and COO Bob Kouw (CDN $33,000), with Bromley's advances applied to an April 2024 private placement.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) annuncia la ripresa delle negoziazioni sulla TSX Venture Exchange a seguito della risoluzione di un'ordinanza di cessazione delle negoziazioni per mancata presentazione (FFCTO). L'FFCTO, emesso il 16 luglio 2024, era dovuto al ritardo nella presentazione dei bilanci e è stato revocato il 2 gennaio 2025.
La società riporta una significativa carenza di capitale circolante di $14.478.925 al 30 settembre 2024, composta principalmente da obbligazioni convertibili ($10.641.350) e interessi associati ($1.621.531). Per affrontare questa situazione, Organto prevede di ristrutturare il debito convertibile, estinguere i debiti esistenti tramite emissione di azioni e completare un collocamento privato.
Nel 2024-2025, la società ha subito una ristrutturazione operativa, inclusa la razionalizzazione del proprio portafoglio prodotti e la vendita di tre sussidiarie europee per ridurre i costi. La società ha anche ricevuto prestiti da parti correlate dal CEO Steve Bromley (USD $355.000) e dal COO Bob Kouw (CDN $33.000), con i prestiti di Bromley applicati a un collocamento privato di aprile 2024.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) anuncia la reanudación de las operaciones en la TSX Venture Exchange tras la resolución de una Orden de Cese de Comercio por No Presentación (FFCTO). La FFCTO, emitida el 16 de julio de 2024, se debió a la demora en la presentación de los estados financieros y fue revocada el 2 de enero de 2025.
La empresa informa de una deficiencia significativa en el capital de trabajo de $14,478,925 a fecha del 30 de septiembre de 2024, que consiste principalmente en debentures convertibles ($10,641,350) e intereses asociados ($1,621,531). Para abordar esto, Organto planea reestructurar la deuda convertible, liquidar deudas existentes mediante la emisión de acciones y completar una colocación privada.
En 2024-2025, la empresa ha pasado por una reestructuración operativa, incluyendo la simplificación de su cartera de productos y la venta de tres subsidiarias europeas para reducir costos. La empresa también recibió préstamos de partes relacionadas del CEO Steve Bromley (USD $355,000) y del COO Bob Kouw (CDN $33,000), con los anticipos de Bromley aplicados a una colocación privada de abril de 2024.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF)는 재무제표 제출 지연으로 인해 발효된 거래 중지 명령(FFCTO)의 해결 후 TSX 벤처 거래소에서의 거래 재개를 발표했습니다. FFCTO는 2024년 7월 16일에 발효되었으며, 2025년 1월 2일에 해제되었습니다.
회사는 2024년 9월 30일 기준으로 $14,478,925의 상당한 운영 자본 부족을 보고하며, 이는 주로 전환사채($10,641,350)와 관련 이자($1,621,531)로 구성됩니다. 이를 해결하기 위해 Organto는 전환사채 재구성, 기존 부채의 주식 발행을 통한 정산, 그리고 사모 배치를 완료할 계획입니다.
2024-2025년 동안, 이 회사는 제품 포트폴리오를 간소화하고 비용 절감을 위해 세 개의 유럽 자회사를 매각하는 등 운영 재구성을 겪었습니다. 또한 CEO Steve Bromley(USD $355,000)와 COO Bob Kouw(CDN $33,000)로부터 관련 당사자 대출을 받았으며, Bromley의 선급금은 2024년 4월의 사모 배치에 적용되었습니다.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) annonce la reprise des échanges sur la TSX Venture Exchange suite à la résolution d'un ordre de cessation de négociation pour non-présentation (FFCTO). Le FFCTO, émis le 16 juillet 2024, était dû à un retard dans la présentation des états financiers et a été révoqué le 2 janvier 2025.
La société rapporte une carence significative en fonds de roulement de $14,478,925 au 30 septembre 2024, composée principalement d'obligations convertibles ($10,641,350) et d'intérêts associés ($1,621,531). Pour remédier à cette situation, Organto prévoit de restructurer sa dette convertible, de régler les dettes existantes par émission d'actions et de réaliser un placement privé.
En 2024-2025, la société a subi une restructuration opérationnelle, y compris la rationalisation de son portefeuille de produits et la vente de trois filiales européennes pour réduire les coûts. La société a également reçu des prêts de parties liées, notamment du PDG Steve Bromley (USD $355,000) et du COO Bob Kouw (CDN $33,000), les avances de Bromley étant appliquées à un placement privé d'avril 2024.
Organto Foods Inc. (TSX-V:OGO)(OTC:OGOFF) gibt die Wiederaufnahme des Handels an der TSX Venture Exchange bekannt, nachdem eine Handelsstop-Anordnung wegen Nichtvorlage (FFCTO) aufgehoben wurde. Die FFCTO, die am 16. Juli 2024 erlassen wurde, war auf verspätete Finanzberichterstattung zurückzuführen und wurde am 2. Januar 2025 aufgehoben.
Das Unternehmen berichtet von einem signifikanten Mangel an Betriebskapital in Höhe von $14.478.925 zum 30. September 2024, der hauptsächlich aus wandelbaren Anleihen ($10.641.350) und zugehörigen Zinsen ($1.621.531) besteht. Um dies zu beheben, plant Organto, die wandelbare Schulden umzustrukturieren, bestehende Schulden durch Aktienausgabe zu begleichen und eine Privatplatzierung abzuschließen.
Im Jahr 2024-2025 hat das Unternehmen eine operative Umstrukturierung durchlaufen, einschließlich der Straffung seines Produktportfolios und dem Verkauf von drei europäischen Tochtergesellschaften zur Kostensenkung. Das Unternehmen erhielt auch Darlehen von nahestehenden Personen, darunter CEO Steve Bromley (USD $355.000) und COO Bob Kouw (CDN $33.000), wobei Bromleys Vorschüsse auf eine Privatplatzierung im April 2024 angewendet wurden.
- Trading reinstatement on TSX Venture Exchange approved
- Operational restructuring completed to reduce costs
- Sale of three European subsidiaries to improve balance sheet
- Management secured bridge financing through related party loans
- Significant working capital deficiency of $14.48M
- High debt burden with $10.64M in convertible debentures
- Failed to complete planned $2M private placement in November 2023
- Delayed financial reporting leading to trading suspension
TORONTO, ON and BREDA, NETHERLANDS / ACCESS Newswire / March 7, 2025 / Organto Foods Inc. (TSX-V:OGO)(OTC PINK:OGOFF) ("Organto" or the "Company"), a leading provider of organic and non-GMO fruit and vegetable products, is pleased to announce that the TSX Venture Exchange (the "TSXV" or the "Exchange") has accepted its application for reinstatement of trading of the Company's common shares on the TSXV. This follows the successful resolution of the Failure-to-File Cease Trade Order (the "FFCTO") issued by the British Columbia Securities Commission (the "BCSC") on July 16, 2024, and revoked on January 2, 2025. The Company expects its common shares to be reinstated for trading shortly.
The FFCTO was issued as a result of the delay in the filing of the Company's annual audited financial statements for the year ended December 31, 2023. The delay in filing the annual financial statements, which was a result of changes in Company personnel and reporting systems in late 2023 and early 2024, had a cascading effect which caused the Company to also be late in filing its interim financial statements for both the three-month period ended March 31, 2024, and the six-month period ended June 30, 2024 (the audited and interim financial statements collectively the "Late Financial Statements"). The Company filed the Late Financial Statements in October and November 2024, at which time the Company applied to the BCSC to have the FFCTO revoked. Upon the revocation of the FFCTO, the Company applied to the TSXV to have its common shares reinstated for trading. The Company also filed its financial statements for the nine-month period ended September 30, 2024 in November 2024 in accordance with regulatory requirements.
Over the course of 2024 and into 2025, the Company has restructured and repositioned its operations including streamlining its product portfolio, shifting its marketing strategy and re-engineering its operating platform to improve processes and reduce costs. In June 2024, the Company sold three European operating subsidiaries, further streamlining operations, reducing operating costs and improving its balance sheet. The Company also continues to focus on improving its balance sheet to provide greater operating flexibility. The Company remains focused on leveraging the positive changes that have been made to date and remains committed to building a world-class foods company serving growing global healthy foods markets, with the goal of building long-term shareholder value.
The Company acknowledges and appreciates the patience of its shareholders and stakeholders during this process and reaffirms its commitment to adhering to high standards of compliance and corporate governance.
In addition to the announcement regarding the reinstatement of trading on the TSXV, the Company is providing an update on a number of matters, including the following:
Working Capital Deficiency
The Company's September 30, 2024, interim financial statements reflect a working capital deficiency of
Related Party Loans
During 2023, the Company received advances from two related parties. These advances were unsecured and expected to be of a very short duration. Steve Bromley ("Bromley"), the Company's CEO, advanced USD
Small Cap Invest Agreement
To assist with its corporate awareness and marketing program in Europe, the Company engaged Small Cap Invest GmbH ("Small Cap"), an arm's length Frankfurt, Germany based firm, to provide introductions to Small Cap's network of media representatives and qualified and institutional investors, organizing non-deal roadshows and city events, and advising the Company on communications strategies. The agreement was for one-year term that commenced on November 1, 2023 and ended on October 31, 2024. Small Cap received a total fee of
Update Regarding March 2024
On March 12, 2024, the Company announced that it had reached an agreement with the holders of
November 2023 Private Placement Update
On November 14, 2023, the Company announced plans for a private placement financing of up to CDN
Disclosure of Loans Received in Advance of Planned Private Placements
The Company's recent financial statements include the classification of funds received as short-terms loans in advance of a planned private placement. The Company wishes to clarify that any future settlements of these loans will be treated as shares-for-debt transactions under Exchange Policy 4.3, and not as part of a private placement under Exchange Policy 4.1.
ON BEHALF OF THE COMPANY
Steve Bromley
Chair and CEO
For more information contact:
Officer Responsible for the Press Release
Steve Bromley, Chair and Chief Executive Officer
647-228-8883
info@organto.com
Investor Relations
John Rathwell, Senior Vice President, Investor Relations & Corporate Development
647 629 0018
info@organto.com
ABOUT ORGANTO
Organto is an integrated provider of branded, private label, and distributed organic and non-GMO fruit and vegetable products using a strategic asset-lighter business model to serve a growing socially responsible and health-conscious consumer around the globe. 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.
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 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting the timing of reinstatement of the Company's common shares for trading on the TSXV and the impact of ongoing changes in the business that have been implemented throughout 2024 and into 2025 with the goal of restructuring and repositioning operations focused on building a world class foods company; plans to improve the Company's working capital deficit via improved cash from operations, restructuring of convertible debt obligations, shares for debt settlements and future private placements; and plans to renegotiate terms and restructure outstanding convertible debentures. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation, the assumption that no unforeseen circumstances will arise that would cause the Company's common shares not to be reinstated for trading on the TSXV as expected and the changes that have been implemented in the business will have the desired outcome. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risks and Uncertainties" and "Forward-Looking Statements" sections of the Company's annual and interim management's discussion and analysis filings with the Canadian securities regulators, which are available under the Company's profile at www.sedarplus.ca. Except as required by law, Organto does not assume any obligation to release publicly any revisions to forward-looking statements contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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.
SOURCE: Organto Foods, Inc.
View the original press release on ACCESS Newswire
FAQ
What caused the trading suspension of OGOFF stock and when was it lifted?
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