Industry Pioneer Adds Extensive Global Operating and Business Building Expertise
VANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / February 3, 2021 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) (“Organto” or “the Company”), a leading provider of organic and value-added organic fruits and vegetables today announced that Mr. Jeremy Kendall, a natural and organic food industry pioneer with deep operating and business building experience, has been appointed to the Organto board of directors, subject to acceptance by the TSX Venture Exchange.
Mr. Kendall brings extensive business building, operating and governance experience to the board, with deep expertise in natural and organic foods. Amongst a number of business ventures over his distinguished career, Mr. Kendall founded SunOpta Inc. (NASDAQ:STKL and TSX:SOY), a leading organic foods company with global reach, focused on plant-based foods and beverages. Over the course of his tenure at SunOpta Mr. Kendall served as Chair and CEO, and led the business through a combination of strong internal growth and numerous acquisitions to over $1.0 billion in both revenues and market capitalization. Mr. Kendall currently serves as Chair of the Board of Jemtec Inc. (TSX-V:JTC) and also is director of a number of private and charitable organizations.
“We are thrilled to have Jeremy join our board at this exciting time in our Company’s history. His passion for organic and healthy foods, combined with deep business building, operating, acquisition and integration experience will be invaluable as we continue to accelerate our aggressive growth plans.” commented Steve Bromley, Chair and Co-CEO. “Over the last number of months, we have added considerable foods industry experience and depth to our board, and Jeremy’s appointment is yet another step forward as we build a world-class board of directors to govern and support the organization.”
In September 2020, Organto announced the appointment of Joost Verrest to the board of directors and in December 2020 announced the appointment of Mr. Gert Jan van Noortwijk to the board. Mr. Verrest is a seasoned industry executive with over twenty years of experience in developing impactful and sustainable businesses with a focus on best-in-class go-to-market strategies. Mr. van Noortwijk brings strategic global agribusiness and supply chain expertise to Organto with over thirty years of experience in raw material procurement, product handling, logistics, currency and commodity hedging and business development.
In hand with the appointment of Jeremy Kendall, Mr. Javier Reyes has stepped down from the board and has assumed the role of Strategic Advisor, focused on assisting Organto in expanding its operations in Mexico and other Latin American markets. “We want to thank Javier for his many contributions to the board of Organto, and most importantly, we look forward to continuing to work closely with him as we work to expand our operations in Mexico and other Latin American markets.” commented Steve Bromley, Chair and Co-CEO.
Completion of the Sale of Guatemala Plant
Organto also announced the cancellation of 5,873,357 common shares related to the sale of the Company’s former processing assets located in Guatemala. As announced on March 27, 2019 and October 3, 2019, part of the proceeds from the sale included the cancellation and return to treasury of 5,873,357 common shares of Organto. These shares were cancelled in January 2021, completing the final process in the sale of the Guatemala plant.
Stock Option and Restricted Share Unit Grants
Organto also announced today that it has granted a total of 450,000 stock options as per the terms of the Company’s Stock Option Plan. 300,000 of the options were granted to a director with an exercise price of CDN $0.285 vesting 25% immediately and 25% every six months thereafter. 150,000 options were granted to an employee at an exercise price of $0.285, with 20% vesting immediately and 20% on each anniversary thereafter. All the options granted have a term of five years. In addition, the Company has issued 75,000 restricted share units to a director in accordance with the terms of the Company’s Restricted Share Unit Plan, with 25% vesting immediately and 25% each six months thereafter.
Investor Webinar – Tuesday, February 9, 2021 at 11:00 AM EST
Steve Bromley, Chair and Co-CEO and Rients van der Wal, Co-CEO and CEO of Organto Europe B.V. will host an investor call on Tuesday, February 9, 2021 at 11:00 AM EST to discuss market trends, current operations and strategic growth plans. After opening remarks there will be a question and answer period. To join the meeting, please click on the following URL in advance of the meeting: http://zoom.us/s/9558515533
To dial in based on your location use one of the following numbers:
+1 929 436 2866 US (New York)
+1 647 374 4685 Canada
+31 20 794 6520 Netherlands
+44 203 901 7895 United Kingdom
Meeting ID: 955 851 5533
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 Relationsinfo@organto.comABOUT ORGANTOOrganto is an integrated provider of branded, private label and distributed organic and non-GMO fruit and vegetable products using a strategic asset-light 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 shareholdersFORWARD 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 vison of being a leading global provider of fresh organic fruits and vegetables utilizing an integrated business model; Organto’s belief that Jeremy Kendall’s passion for organic and healthy foods, combined with deep business building, operating, acquisition and integration experience will be invaluable as we continue to accelerate our aggressive growth plans; Organto’s belief that the addition of Mr. Kendall’s addition to the board further expands our Board’s expertise level; 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/627511/Organto-Announces-Appointment-of-Jeremy-Kendall-to-the-Board-of-Directors