VANCOUVER, BRITISH COLUMBIA – Organto Foods Inc. (TSX VENTURE: OGO) is pleased to announce the signing of a Letter of Intent (LOI) with Antonio Pullin Pivaral Farm for a joint-venture on the 150 hectare, fully certified (OCIA) Finca Buenos Aires organic farm located in Santa Rosa, Guatemala. The Pivaral Family are pioneers in farming and have been growing in the FRAIJANES coffee producing area of Guatemala for over 100 years.
Finca Buenos Aires is situated at approximately 4000 feet on a fertile valley that is rich in nutrients due to the presence of volcanic sediment that has been deposited in the area for millennia. The farm has been certified organic by OCIA for over the past 20 years and is ideal for growing beans and other high margin organic produce. Practices at the farm are in accordance with the highest organic handling standards, with a strong emphasis on social responsibility and sustainability.
Pursuant to the terms of the joint-venture, Organto will contribute technical oversight, working capital, and organic seeds and fertilizers, for the 10-year life of the agreement; and the Piviral's will provide the land, machinery and employees. Organto will also initially fund the cost of the irrigation system, which will be amortized and recovered over a 5-year period.
ON BEHALF OF THE BOARD,
Peter L Gianulis, President & CEO
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This 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 intention to enter into a production sharing contract with respect to the Finca Buenos Aires Farm in Santa Rosa, Guatemala; future plans for planting on the farm; general plans for growth and development of Organto's business; the implementation of a comprehensive social responsibility platform; management's goals and objectives; the future prospects for the company; 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 completion of a definitive production sharing contract; levels of agricultural production; achieving a sufficient level of profitability to allow management to fund social responsibility initiatives; establishing market share; cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of the company; unforeseen circumstances; risks associated with the organic and conventional produce business, including inclement weather, unfavourable growing conditions, low crop yields and similar risks; general business and economic conditions; and ongoing relations with employees, consultants, partners and joint venturers. The foregoing list is not exhaustive and we undertake no obligation to update any of the foregoing except as required by law.
Contacts:
Investor Relations
604-634-0970
1-888-818-1364
info@organto.com
Source: Organto Foods Inc.
