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Organto Foods Inc. (OGOFF) is a leading provider of organic and non-GMO fruit and vegetable products, offering branded, private label, and distributed items globally. With a focus on environmental responsibility and sustainable business practices, Organto serves health-conscious consumers through its strategic asset-light model. Recent developments include a management cease trade order to finalize annual financial statements and the divestiture of three Dutch subsidiaries to enhance financial stability.
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Organto Foods Inc. (OGO) provided an update on its common share private placement financing, raising a total of CDN $758,000 through the sale of 2,296,970 common shares at a price of CDN $0.33 per share. The company also secured further commitments for CDN $575,000 to be closed in further tranches. The proceeds will be used for funding growth initiatives and general working capital purposes.
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Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) achieved the largest third quarter sales and gross profit in the company's history. Sales increased by 40% to $6,383,743 and gross profit increased by 230% to $549,982 in the third quarter of 2023. Year-to-date sales increased by 29% to $21,468,662 and gross profit increased by 87% to $1,960,030. The company aims to achieve positive EBITDA during fiscal 2024.
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Organto Foods Inc. (OGO) Expects Strong Sales and Gross Profit Improvement
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Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) Announces Non-Brokered Private Placement to Raise up to CDN $2.0 million for Growth Opportunities
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Organto Foods Inc. has entered into a strategic partnership with Alpasa Farms S. De R.L. de CV to expand their operating platforms in North American and European markets. The partnership will focus on sales expansion, sourcing expansion, collaborative branding efforts, and implementing digital AI for traceability and supply chain efficiencies. Both companies are committed to sustainable and transparent organic farming practices.
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Organto Foods Inc. plans to expand into the North American market, starting with the US. The company aims to leverage its experience in sourcing, distribution, and marketing of organic and non-GMO fruit and vegetable products to enter the largest organic foods market in the world. Organto is building a team and strategic partnerships to support this expansion.
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Organto Foods Inc. expands financing facilities with €750,000 to support business growth
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Organto Foods Inc. announces consolidation of common shares
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Organto Foods Inc. reports largest second quarter sales and gross profit in company's history. Q2 sales increased by 48% to $7,581,390, representing the sixteenth consecutive quarter of sales growth. Gross profit increased to $678,804 or 9.0% of sales. Year-to-date sales increased by 25% to $15,084,919. While growth has been slower than expected, the company expects upward sales trends to continue and aims to exit 2023 with sales run rates exceeding $50 million. However, achieving positive EBITDA is now expected to occur later than planned, with positive EBITDA projected in the first half of 2024.
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Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) announces the filing of a preliminary short form base shelf prospectus, enabling the company to make offerings of up to CDN $50 million. The net proceeds may be used for general corporate purposes, reducing indebtedness, and potential future acquisitions. Additionally, the company has engaged Atrium Research to provide paid equity research and investor relations services for an initial 12-month period.
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FAQ
What is the current stock price of ORGANTO FOODS (OGOFF)?
The current stock price of ORGANTO FOODS (OGOFF) is $0.01 as of January 6, 2025.
What is the market cap of ORGANTO FOODS (OGOFF)?
The market cap of ORGANTO FOODS (OGOFF) is approximately 346.6K.
What does Organto Foods Inc. specialize in?
Organto specializes in providing organic and non-GMO fruit and vegetable products globally through branded, private label, and distributed options.
What recent event has impacted Organto's financial situation?
Organto received a management cease trade order to finalize annual financial statements, impacting its trading ability.
How is Organto improving its financial position?
Organto has entered into an agreement to sell three Dutch subsidiaries to streamline operations and enhance profitability.
Who resigned from Organto's Board and CEO positions recently?
Rients van der Wal resigned from his roles as Director and Co-Chief Executive Officer to pursue other career opportunities.
What is the focus of Organto's business model?
Organto's business model emphasizes sustainable practices, environmental responsibility, and serving socially responsible and health-conscious consumers.
What is the primary goal of Organto's divestiture of subsidiaries?
The divestiture aims to strengthen Organto's balance sheet, improve financial stability, and reposition the company for growth.
How is Organto adapting to changes in the organic produce industry?
Organto is restructuring its business and debt to return to historical growth rates and secure necessary financing.
What are the key products offered by Organto?
Organto focuses on organic and non-GMO bananas, avocados, ginger, and mangos through global supply relationships and a strong retail customer base.
How is Organto responding to competitive pressures affecting its sales?
Organto is divesting certain subsidiaries to address lost business due to competitive pressures and inadequate working capital.
What are the future plans for Organto following recent strategic changes?
Organto intends to comply with alternative information guidelines, finalize annual financial filings, and focus on sustainable growth and operational efficiency.
In what areas is Organto committed to making progress?
Organto is committed to sustainable business practices, environmental responsibility, and serving socially responsible and health-conscious consumers globally.
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