VANCOUVER, BC / ACCESSWIRE / December 10, 2019 / Organto Foods Inc. (OGO.V)(OGOFF) ("Organto" or "the Company"), today confirmed the appointment of Alejandro Maldonado, an agricultural veteran in Mexico, to the Organto board of directors. The addition of Mr. Maldonado returns the board to six directors, with four independent members and two non-independent members.
Alejandro Maldonado is President and Chairman of Alpasa Farms, a strategic supply partner of Organto, and one of the largest exporters of blueberries, blackberries and figs from Mexico. Alpasa is also a strategic investor in Organto. Alejandro is the President of the Berry Growers Association of Mexico and his family has deep roots in the Mexican avocado industry, being one of the largest producers of avocados from the Michoacán region of Mexico. He is a current delegate for the Association of Producers and Packers of Avocado in Mexico (APEAM), a private, non-profit association made up of avocado exporters and packers; and the only cooperative recognized by the USDA and SAGARPA. His deep industry knowledge and supply chain expertise is expected to be an invaluable asset to Organto.
"We are very pleased to confirm Alejandro's appointment to our board as we continue our build-out our foods operations across different product lines. His knowledge of our products and supply chains combined with in-depth experience within Mexican growing regions will be invaluable for us at the board level." commented Steve Bromley, Chair and Interim CEO.
In addition, the Company announced that it has granted incentive stock options as part of its annual review to certain of its directors, officers and employees to purchase up to an aggregate of 5,325,000 common shares at an exercise price of $0.07 per share. 1,240,000 of the options vest immediately. 2,115,000 will vest after one year, 1,240,000 will vest on the second anniversary of the grant and 365,000 on the third and fourth anniversaries of the grant. All of the foregoing options expire on December 4, 2024. In addition, certain directors who were not part of the above referenced grant of stock options forfeited 3,425,000 of previously issued options.
Also, the company announced today that it will not be issuing 2,000,000 warrants that were proposed to be issued to a director as consideration for his guarantee of a credit facility (see our news release dated August 21, 2019). As a result, the Company's application to the TSX-V in this regard has been withdrawn.
ON BEHALF OF THE BOARD,
Chair and Interim 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.
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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. The Organto Foods Group is an integrated provider of year-round value-added branded organic vegetables and seasonal 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 integrated supply capabilities and plans to continue to develop and expand these capabilities; plans to expand product offerings; Organto's belief that Alejandro Maldonado's knowledge of the Company's products, supply chains and Mexican growing regions will be invaluable; 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.
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