TORONTO, ON AND BREDA, NETHERLANDS / ACCESSWIRE / April 16, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF) ("Organto" or the "Company"), a leading provider of organic and non-GMO fruit and vegetable products today announces that it has requested a temporary Management Cease Trade Order ("MCTO") from the British Columbia Securities Commission ("BCSC") in connection with the Company's filing of its audited annual financial statements (the "Audited Financial Statements") and MD&A for the financial year ended December 31, 2023.
The Company is requesting the MCTO in order to secure additional time to finalize its Audited Financial Statements, the related MD&A and the applicable CEO and CFO certifications (the "Annual Filings"). The delay in filing the Annual Filings is a result of unexpected delays experienced by the Company due to personnel changes in late December 2023. The Company is working with its accounting team to prepare the Financial Statements and respond to all queries. It is the Company's reasonable expectation that the Annual Filings will be finalized on or before June 30, 2024.
By way of background and as required by the BCSC, the Company notes the following:
1. The Company is required to file its Annual Filings all in accordance with IFRS within 120 days after the end of its completed financial year, such date being April 29, 2024 (the "Annual Filing Deadline") as required by National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102"). The Company does not anticipate that it will be able to complete the Annual Filings on or before the Annual Filing Deadline.
2. The Company is working diligently to prepare and file the Annual Filings, on or before June 30, 2024.
3. The Company confirms that it intends to issue a status report on a bi-weekly basis, for as long as it remains in default of the Annual Filing Deadline in respect of the Annual Filings.
4. The Company is not subject to any insolvency proceedings.
5. There is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company has imposed an insider trading blackout pending the filing of the Annual Filings and will comply with the alternative information guidelines described in National Policy 12-203 Management Cease Trade Orders during such period.
ON BEHALF OF THE COMPANY
Steve Bromley
Chair and Co-CEO
For more information contact:
Investor Relations
John Rathwell, Senior Vice President, Investor Relations & Corporate Development
647 629 0018
info@organto.com
ABOUT ORGANTO
Organto 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 shareholders.
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 the Company's reasonable expectation that the Annual Filings will be finalized on or before June 30, 2024. 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.
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.
SOURCE: Organto Foods Inc.
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