|Bid||0.0600 x 0|
|Ask||0.0650 x 0|
|Day's Range||0.0600 - 0.0600|
|52 Week Range||0.0200 - 0.1500|
|Beta (3Y Monthly)||0.08|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
VANCOUVER , Oct. 23, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto" or the "Company"). Further to its news release of June 27, 2019 , Organto today announced that is has received shareholder approval and final acceptance of the TSX Venture Exchange for the sale of the Company's Colombian cannabis subsidiary, Medicannabis S.A.S. ("Medicannabis") to Xebra Brands Ltd. ("Xebra"). Xebra is a private cannabis company, focused on the design and delivery of unique wellness and leisure products. It has acquired cultivation and processing licences and holds exclusive IP to render cannabinoids water soluble. Xebra is developing brands, and cannabis-infused beverages in Colombia and Mexico , for sale globally where cannabis is legal. Trademarks are being filed worldwide for Xebra's inaugural cannabis infused beverage brands, including: MADCAP soft drinks, HIGHJACK energy drinks and HolaHi iced teas.
VANCOUVER , Oct. 17, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of fresh organic vegetables and fruits today updated previous revenue guidance that was provided on August 21, 2019 , noting significant upside versus the previous guidance that was provided. Revenues for the third quarter ending September 30, 2019 are expected to be approximately CDN $1.9 1 million versus previous guidance of CDN $1.3 to CDN $1.5 million . Quarterly revenues of CDN $1.9 million are a new record for the Company, and represent a 336% increase over the third quarter of 2018 as well as a significant improvement over the first and second quarters of 2019.
On June 27, 2019 Organto announced that it had entered into a Share Purchase Agreement to sell its wholly owned subsidiary Medicannabis S.A.S., ("Medicannabis"), a Colombian company focused on the development of medicinal cannabis, to Xebra Brands Ltd. ("Xebra") for a combination of shares of Xebra, cash and forgiveness of debt, with proceeds being used by the Company to expand its food business. This transaction allows Organto to continue to have an investment in the rapidly growing cannabis sector while focusing operationally on its core organic fruit and vegetables business. Further to its news release of June 27, 2019 (the " June 27 Release") Organto wishes to clarify the disclosure relating to the cash consideration payable to Organto in connection with the sale of Medicannabis to Xebra Brands Ltd.
VANCOUVER , Oct. 3, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto" or the "Company"). Further to its news release of March 27, 2019 , Organto today announced that is has received shareholder approval and final acceptance of the TSX Venture Exchange for the sale of the Company's processing plant and related assets including land, buildings and processing equipment (the "Assets") located in Patzun, Chimlatenango, Guatemala , to Organizacion de Mercadeo S.A., ("Omega"). Final closing remains subject to Organto receiving certain final deliverables from Omega. The Assets were deemed non-strategic in 2018 as a result of Organto's transition to an asset light business model. Organto's re-engineered vegetable and fruit operating platform, sources and processes a variety of fresh, value-added organic and conventional vegetable and fruit products from strategic grower and processing partners in key sourcing regions including Mexico , Peru , Argentina , Zimbabwe and Colombia , for year-round distribution to fast growing consumer markets. Organto's current distribution is centered in European markets with a focus on the development of the Organto "I am Organic" brand.
Organic blueberries were Organto's largest selling product in 2018 and represented the Company's first sales of organic soft fruit, a key step in the expansion of Organto's year-round value-added organic fruits and vegetables product offering. Organto sees strong demand for organic blueberries in the European markets it serves. "We are very pleased to have re-commenced sales of organic blueberries, a key product in our organic fruits and vegetables portfolio." commented Rients van der Wal , CEO of Organto Europe BV.
Shipments have commenced, and commercial distribution in European markets is expected to start during the week of September 24 th. Initially, Organto will receive weekly volumes of approximately 20,000 kgs. Over the past year, Organto has repositioned its organic foods platform shifting from an asset heavy, single revenue stream business model, to an asset light, multi-stream business model.
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VANCOUVER , Aug. 6, 2019 /CNW/ - Organto Foods Inc. (OGO.V) (OGOFF) ('Organto"). Organto today announced that its former subsidiary, Medicannabis S.A.S., ("Medicannabis") has received a THC Processing Licence in Colombia , an important licence necessary to move to full cultivation, processing and ultimately exporting. On June 27, 2019 , Organto announced the sale of its shares in Medicannabis to Xebra Brands Ltd. ("Xebra") for a combination of shares of Xebra, cash and forgiveness of debt, which is subject to shareholder and TSX approval. Prior to this Agreement, Organto owned 100% of the outstanding shares of Medicannabis, a privately held Colombian company focused on the development of medicinal cannabis. Xebra is an emerging, privately held Canadian cannabis company developing high-margin cannabis-based consumer products, with a major focus on cannabis infused beverages. Xebra intends to seek a public listing on the TSX Venture Exchange.
VANCOUVER , June 27, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto today announced that is has entered into a Share Purchase Agreement ("Agreement") to sell its shares of Medicannabis S.A.S., ("Medicannabis") to Xebra Brands Ltd. ("Xebra") for a combination of shares of Xebra, cash and forgiveness of debt. Prior to this Agreement, Organto owned 100% of the outstanding shares of Medicannabis, a privately held Colombian company focused on the development of medicinal cannabis. Xebra is an emerging, privately held Canadian cannabis company developing high-margin cannabis-based consumer products, with a major focus on cannabis infused beverages. Xebra intends to seek a public listing on the TSX Venture Exchange. Under the terms of the Agreement, Organto and former shareholders and certain advisors of Medicannabis will receive a total of 10,000,000 common shares of Xebra, representing approximately 9.9% of the outstanding shares of Xebra, with Organto receiving 7,124,630 common shares and the former shareholders and advisors of Medicannabis receiving 2,875,370 common shares. As a result of the Xebra shares being issued directly by Xebra to the former shareholders and certain advisors of Medicannabis, 7,461,538 common shares of Organto previously issued as part of the acquisition of Medicannabis will be cancelled.
With the pending conclusion of the local supply season in Europe , distribution of Organto sourced organic asparagus is being expanded to include a diverse range of customers located in the United Kingdom , Spain , France , Denmark and Sweden , in addition to existing sales in the Netherlands and with an on-line retailer. With this expansion in distribution, weekly volumes are expected to range between 4,000 – 6,000 kilograms representing weekly revenues of approximately CDN$36,000 to CDN$66,000 1. "We are very pleased to be expanding distribution of our organic asparagus offering throughout Europe ." commented Rients van der Wal , CEO of Organto Europe BV.
As per the terms of the MCTO, Organto is required to make the Required Filings by no later than July 2 , 2019. The Company continues to work with its auditors toward completing the Required Filings in a timely manner. The company confirms that it intends to satisfy the alternative information guidelines found in National Instrument Policy 12-203 (Management Cease Trade Orders) for as long as the MCTO is in effect.
VANCOUVER , April 29, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto today announced that it anticipates a delay in filing its audited annual financial statements for the year ended December 31, 2018 , the related management's discussion and analysis and certificates of its CEO and CFO (collectively, the "Required Filings") with Canadian securities regulators until after the April 30, 2019 filing deadline. The Company has experienced delays in obtaining information pertaining to some of its foreign subsidiaries and as a result additional time is required to permit the Company's auditors to complete its review and enquiries in connection with the audit of the Company's 2018 financial statements. The Company and its auditors are working diligently, and the Company is working to make the Required Filings by no later than May 17, 2019 .
Organto Receives Final Acceptance of Shareholders and TSX Venture Exchange to Issue Shares Related to Acquisition of Medicannabis SAS in Colombia
As per the terms of the agreement, which is subject to final acceptance by the TSX Venture Exchange, Omega will acquire the Assets in an arm's length transaction on an "as is" basis for consideration of USD $857,934 , or approximately CDN $1,125,000 . Consideration will be paid via the discharge of certain loans from Omega and related parties to Organto in the amount of CDN $404,095 (USD $314,647 ), cancellation of 5,873,257 common shares of Organto at a deemed price of CDN $0.11 per share or CDN $646,069 , and the assumption of an interest-free note payable from Omega in the amount of CDN $74,836 (USD $56,628 ), due on the second anniversary of the closing date, and secured by a lien on the Assets. Organto's organic vegetable and fruit operating platform utilizes an asset light business model, sourcing a variety of fresh value-added organic vegetable and fruit products from strategic grower partners in key sourcing regions including Mexico , Peru , Argentina , Zimbabwe , for year-round distribution to fast growing consumer markets. Organto's current distribution is focused on European markets with a focus on the development of the Organto "I am Organic" brand.
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All cannabis plants grown in Colombia must be derived from registered Fuente Semillera in order to be permitted for use. Licensed cannabis producers had until December 31, 2018 to file these registrations. Medicannabis filed technical sheets for 144 cultivars and breeding lines in advance of the deadline thereby establishing a large and diverse genetic library for the company to cross-breed and develop numerous new cultivars with a wide variety of trait combinations (flavor, aroma, medicinal properties, phytochemistry, etc.).
VANCOUVER , Jan. 16, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Organto today announced that the Organto Global Cannabis Group, through its wholly-owned subsidiary, Medicannabis S.A.S., has been granted a license from Colombia's Ministry of Justice to cultivate non-psychoactive cannabis (CBD) at its cultivation and breeding facility in Guasca, Cundinamarca, Colombia. The license authorizes the cultivation of non-psychoactive cannabis in Colombia for medicinal use and further processing into cannabis products, including but not limited to, oils, tinctures, beverages, topicals and other products. It also allows for grain and seed production and for scientific purposes.
Shareholders elected six directors including Steve Bromley , Peter Gianulis , Robert Giustra , Jeffrey Klenda , Javier Reyes and Claudio Schreier . Mr.'s Giustra, Klenda, Reyes and Schreier were elected as independent directors, representing 66.67% of the directors elected to the board.
VANCOUVER , Dec. 14, 2018 /CNW/ - Organto Foods Inc. (OGO.V) (OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetable and fruit products today announced that it has completed three of its four previously announced shares-for-debt transactions for a total of 3,024,294 shares and has granted incentive stock options to certain of its directors, officers, employees and advisors. Two independent directors will each be issued 200,000 shares to settle $26,000 for fees incurred during the period December 2015 through December 2016 . A former financial services provider will be issued 100,000 shares as part of an agreement to settle outstanding claims of $7,000 from 2017.