ORGANTO FOODS INC - OGOFF STOCK NEWS

Organto Foods announced the sale of three European subsidiaries—Organto Europe, Fresh Organic Choice, and BeeOrganic—to an independent purchaser for 1 Euro. The transaction aims to streamline operations, improve financial stability, and enhance the company's path to profitability. These subsidiaries represented a net liability of $4.2 million as of March 31, 2024. NFG New Fruit Group GmbH will become Organto's key operating entity. An independent valuation by Evans & Evans concluded that the liabilities assumption by the purchaser provided fair proceeds to Organto. The sale supports Organto's strategy to focus on organic and non-GMO products while improving its balance sheet.

On May 29, 2024, Organto Foods, a key provider of organic and non-GMO fruits and vegetables, updated stakeholders on its delay in filing annual financial statements for the year ending December 31, 2023. The British Columbia Securities Commission granted a management cease trade order (MCTO) on May 1, 2024, barring the Co-CEOs and CFO from trading company securities until the filings are completed. This does not affect shareholder trading. Organto aims to finalize and file the documents by June 28, 2024, and will issue bi-weekly updates until then. The company confirms no material changes or insolvency issues since their initial announcement.

Organto Foods provides an update regarding the delay in filing its annual financial statements for the year ending December 31, 2023. The British Columbia Securities Commission granted a management cease trade order (MCTO) on May 1, 2024, which restricts the Company's executives from trading company securities until the filings are completed. This does not affect shareholder trading. Organto expects to finalize the filings by June 28, 2024, and will issue bi-weekly updates until compliance is achieved. The Company assures no material changes since the previous announcement.

Organto Foods Inc. (TSX-V:OGO)(OTCQB:OGOFF) has been granted a management cease trade order by the British Columbia Securities Commission, allowing investors to continue trading shares but restricting the company's Co-Chief Executive Officers and Chief Financial Officer from trading until the annual financial statements are filed. The delay in filing is due to personnel changes, with the company aiming to finalize the documents by June 28, 2024. Organto will follow alternative information guidelines until then, ensuring compliance with regulations.

Organto Foods Inc. (OGOFF) has applied for a Management Cease Trade Order to finalize its audited financial statements and MD&A for the financial year ended December 31, 2023. The delay is due to unexpected personnel changes in late 2023, with a target completion date of June 30, 2024. The company is not insolvent and will provide bi-weekly status reports until filings are complete.

Organto Foods Inc. closes a private placement, selling 5,750,000 common shares at CDN $0.10 per share, generating proceeds of CDN $575,000. Steve Bromley, the Chair and Co-CEO, acquired 5,150,000 shares in the transaction. The private placement is considered a related party transaction. The company did not file a material change report 21 days before the closing due to last-minute details. Mr. Bromley's ownership increased to 18.40% of issued common shares post-transaction. The common shares are subject to a four-month hold period. The net proceeds will be used for critical working capital needs.

Organto Foods Inc. arranges a private placement of 5,750,000 common shares at CDN $0.10 per share, generating proceeds of CDN $575,000. The transaction involves the Chair and Co-CEO, Steve Bromley, subscribing for 5,150,000 common shares. The Private Placement is considered a related party transaction under MI 61-101. Mr. Bromley's ownership in the company will increase significantly post-transaction. The closing is subject to TSX Venture Exchange approval, with the net proceeds intended for critical working capital needs.

Organto Foods Inc. announces approval of amendments to reduce debt and increase equity. Debentureholders approve conversion of 50% of debentures into common shares at $0.30 per share. Remaining 50% to have extended maturity dates and deferred interest payments.

Organto Foods Inc. (TSX-V:OGO)(OTCQB:OGOFF), a leading provider of organic and non-GMO fruit and vegetable products, announced plans to strengthen its balance sheet and continue its path to positive EBITDA in 2024. The company has experienced sustained growth over the past five years, growing sales from approximately $1.5 million in 2018 to approximately $28.0 million in 2023, representing five consecutive years of sales growth versus the prior year and nineteen consecutive quarters of sales growth, currency adjusted, versus the same quarter in the prior year. The company continues to see numerous growth opportunities as consumers focus on healthy eating and healthy living and is targeting continued growth driven by a combination of internal growth and acquisition. Organto continues to leverage its positioning in the organic foods value chain connecting growers around the world with premium markets, while at the same time having a positive ESG impact. The company is working with its existing convertible note and debenture holders to convert a portion of the existing Convertible Notes and Convertible Debentures into common shares of the Company, targeting to realize a significant reduction in convertible debenture debt on its balance sheet and a corresponding increase in equity of the Company. The company also plans to complete a $2.0 million private placement of common shares early in 2024, with current insiders and strategic investors indicating an interest to acquire approximately 75% of the equity to be issued.