Vancouver, BC, Canada and Breda, the Netherlands – Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF, FSE: OGF) (“Organto” or “the Company”), an integrated provider of organic and value-added organic fruits and vegetables announced the expansion of its organic limes portfolio with the first shipment of limes from a strategic Colombian supply partner scheduled to arrive in Europe for commercial distribution this week.
Organic and non-GMO limes were added to Organto’s portfolio earlier this year after successful market testing during which Organto marketed various varieties and sources of lime products with select European based customers. As a result, Organto has now entered into a number of strategic import programs for the year-round supply of organic and non-GMO limes with current supply coming from Colombia, Peru, Mexico and Spain.
Limes are a good source of antioxidants, magnesium, potassium and vitamin C. Vitamin C is a nutrient that is believed to help boost immunity, and one lime can provide approximately 32% of the recommended daily amount of vitamin C. The nutrients in lime support heart health, reduce the risk of asthma and promote healthy skin.
“We are pleased to expand our organic and non-GMO limes portfolio and to be able to supply growing markets on a year-round basis. We believe demand for limes has increased throughout the COVID-19 pandemic, and will continue to do so going forward, as consumers seek out the unique health benefits derived from high antioxidant and vitamin C levels.” commented Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe B.V.
Organto is expecting weekly sales of limes of approximately CDN $45,000 to $60,000 by the end of the fiscal year, with the objective of increasing the lime category to annualized revenues of approximately $10 million as the Company builds out its supply sources and expands its customer base over time. Organto has arranged for the delivery of limes from its suppliers on a year-round basis, with higher volumes expected during April to August each year.
Organto expects to realize record fourth quarter revenues of approximately CDN $4.4 to $4.6 million (November 19, 2020 news release), which will be the largest quarterly revenues in the history of the Company, and an increase of approximately 185% versus the same quarter in the prior year. The commercial expansion of organic limes is expected to be a key contributor to this growth. These results are expected to represent the sixth consecutive quarter of record quarterly revenues for Organto.
ON BEHALF OF THE BOARD,
Steve Bromley
Chair and Co-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.
For more information contact:
Investor Relations
604-634-0970
1-888-818-1364
info@organto.com
ABOUT ORGANTO
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 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 it will triple supply this growing season from their strategic Moroccan grower and the first shipment will be received the week of this news release; Organto’s belief that demand for fresh organic avocado will continue to grow globally; Organto’s belief that it is teamed with an expanding and progressive organic avocado supply partner; Organto’s belief that it will realize Q-4 revenues of $4.4 to $4.6 million and organic avocado will be a key contributor to this 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.
