Positions Company for Continued Growth
VANCOUVER, BC / ACCESSWIRE / September 15, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF) ("Organto" or "the Company"), an integrated provider of fresh organic fruits and vegetables is pleased to announce a number of appointments to its leadership team, effective immediately.
Steve Bromley, who has served as Interim CEO since April, 2018 will assume the role of Co-CEO in addition to his ongoing service as Chair of the Board of Directors of Organto, a role he has held since October 2017. Mr. Bromley has over 35 years of foods industry experience with a focus on integrated natural and organic foods businesses. Mr. Bromley spent 15 years with SunOpta Inc. (SOY), a leading global company focused on plant-based foods and beverages, fruit-based foods and beverages, and organic ingredient sourcing and production, where revenues grew to over his tenure from less than USD $100 million to approximately USD $1.4 billion.
Rients van der Wal, Organto's current Chief Operating Officer will assume the role of Co-CEO in addition to his role as CEO of Organto Europe, B.V., a role he has held since April, 2018. Mr. Van der Wal is based in Breda, the Netherlands, and has extensive global organic fruits and vegetable supply chain and go-to-market experience, and has played a leading role as Organto's business has been repositioned from an asset-heavy, single revenue stream business model to an asset-light, multi-revenue stream business, now well positioned for continued growth having realized four consecutive quarters of record revenue and gross profit growth.
Ralf Langner will assume the role of Chief Financial Officer and Corporate Secretary. Mr. Langner is a CPA, CGA based in Vancouver, British Columbia, who has served as Interim Corporate Secretary since January, 2018. Mr. Langner brings a deep understanding of best-in-class corporate reporting and governance practices to Organto and is well-versed in the operations of business as a result of the time he has served with the Company.
Peter Thibaudier will transition to Chief Financial Officer for Organto Europe B.V., based in Breda the Netherlands. Mr Thibaudier has served as Organto's Interim Chief Financial Officer since January 2018. Mr. Thibaudier brings extensive experience in financial reporting and analysis to this role including an in-depth understanding of the Company's operations. He will be responsible for all aspects of operational reporting and business control, working closely with Organto's global operating team to drive accurate and timely management information.
Stock Option Grants
Organto also announced that it has granted 700,000 stock options to a service provider and director as per the terms of the Company's Share Option Plan. These options have an exercise price of CDN $0.10 with a term of five years, with 300,000 vesting 25% immediately and 25% on each six-month anniversary thereafter, and with 400,000 vesting 20% immediately and 20% on each anniversary thereafter.
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. Organto is an integrated provider of branded, private label and bulk distributed 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 belief that these leadership appointments position the Company for continued growth; Organto's belief that the Company is now well positioned for continued growth having realized four consecutive quarters of record revenue and gross profit growth; 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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