|Bid||0.0350 x 0|
|Ask||0.0400 x 0|
|Day's Range||0.0400 - 0.0400|
|52 Week Range||0.0400 - 0.1700|
|Beta (3Y Monthly)||0.31|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
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.
The big shareholder groups in Organto Foods Inc. (CVE:OGO) have power over the company. Institutions often own shares...
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.
VANCOUVER , Dec. 4, 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 as part of its ongoing strategy to significantly expand organic product supply from Mexico and position the Company as a premier exporter of organic produce from Mexico to Europe , it has established Organto de Mexico to facilitate the execution of this strategic objective.
VANCOUVER , Nov. 20, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto"). Further to the press release of November 1 st, 2018, Organto is pleased to report that it has completed the acquisition of 100% of the outstanding shares of Medicannabis S.A.S. ("Medicannabis"), a privately held Colombian medicinal cannabis company that is a late stage applicant for licenses to enable it to cultivate and process cannabis in Colombia. Organto is also pleased to announce that Mr. Todd Dalotto , a seasoned horticulturalist with deep experience in cannabis has agreed to join Organto as the President of its newly formed Global Cannabis Division. "We are excited to have entered the medicinal cannabis market via the acquisition of 100% of the outstanding shares of Medicannabis" commented Steve Bromley , Chair and Interim Chief Executive Officer of Organto Foods Inc. "Legalization of cannabis is a global trend presenting significant opportunities, and we believe that Latin America presents a unique opportunity to establish low-cost natural growing operations.
Under the terms of the five-year agreement, Organto will have exclusive sales rights for all organic products produced by the supply partner, and will initially focus on Organto's value-added year-round organic vegetables, including organic green beans, organic snow peas and organic sugar snaps. Delivery of these products are expected to commence late in December 2018. Annualized revenue potential of over CDN $5 million is expected at current forecast production rates, with significant expansion possible subject to the availability of additional organic acreage1.
VANCOUVER , Oct. 29, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetable and fruit products today announced the closing of its previously announced non-brokered private placement. Each Unit consisted of one common share and one-half warrant, with each full warrant exercisable to purchase one additional Organto common share at a price of $0.20 for a period of 18 months after the closing date. Organto intends to use the proceeds of the private placement to fund ongoing operations, to meet working capital requirements and for general corporate purposes.
VANCOUVER , Oct. 26, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetables and fruits today announced its intention to complete a non-brokered private placement of 11,000,000 units of Organto ("Units") at a price of $0.10 per unit for gross proceeds of up to CDN $1,100,000 . Each Unit will consist of one common share and one-half warrant exercisable to purchase one additional Organto common share at a price of CDN $0.20 for a period of 18 months after the closing date. The exercise date of the warrants will be subject to acceleration in the event that the closing price of Organto's common shares on the TSX Venture Exchange, or such other stock exchange on which Organto common shares are primarily traded from time to time, is greater than or equal to CDN $0.25 per share for a period of 10 consecutive trading days (an "Acceleration Event") and such Acceleration Event occurs any time after the expiration of the Hold Period (as hereinafter defined).
For the third quarter of 2018 the Company expects to realize revenues of $425,000 to $440,000 , an increase of approximately 220% over the same quarter in 2017, an approximate 45% increase over revenues for the previous twelve months, and the Company's highest quarterly revenues in over 2 years.
VANCOUVER , Oct. 4, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetables and fruits today announced that it has commenced sales to a European on-line retailer, representing Organto's first commercial activities in Europe in the fast-growing on-line channel. The on-line retailer will make Organto's "I am Organic" organic blueberries and organic asparagus available for sale, with further potential for Organto to add new products as they become available.
VANCOUVER , Oct. 2, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetables and fruits today announced that it has entered into an agreement with DLB Inpakbedrijf BV ("DLB") to provide receiving, packaging and other services for the European market and as a result has closed its receiving and packaging operation located in Amsterdam . "The closure of our location in Amsterdam is part of our plan to resize our organization and move from a fixed cost to a variable cost model. By exiting our own packaging operations, we eliminate fixed costs and move to a more cost-efficient variable cost model, while at the same time, gaining access to a wider range of packaging and warehousing options, critically important as we continue to diversify and expand our product offering." commented Rients van der Wal , CEO of Organto Europe BV. "We are pleased to be working with DLB as they have the experience we require to cost-effectively serve our valued customer base".
VANCOUVER , Sept. 25, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ("Organto" or "the Company"), an integrated provider of value-added organic vegetables and fruits today announced that it has expanded its product portfolio with the addition of year-round organic avocado. Demand for organic avocado has grown steadily and is expected to continue to grow into the future due to the fruit's nutritious profile which is high in potassium, heart healthy monounsaturated fats and fiber. Eating avocado has been proven to lower cholesterol and triglyceride levels and aligns with today's healthy eating and healthy living trends.