Organto Announces Record Fourth Quarter and Fiscal 2019 Revenues

About this update from Organto Foods, Inc.

[{"type":"text","content":"Organto Announces Record Fourth Quarter and Fiscal 2019 RevenuesAnnounces Investor Update Call for Monday, February 24th at 11:00 am ESTVANCOUVER, BC / ACCESSWIRE / February 20, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF) (\"Organto\" or \"the Company\"), an integrated provider of fresh organic vegetables and fruits today announced expected record revenues for the fourth quarter and fiscal year ended December 31, 2019. In addition, Organto announced it will be hosting an investor call on Monday, February 24, 2020 at 11:00 am EST, to update on current market conditions, ongoing operations and plans for the future.Fourth Quarter 2019 Revenue Guidance The quarter ended December 31, 2019 saw record fourth quarter revenues of approximately CDN $1.5 to CDN $1.6 million, an increase of approximately 45% versus the same quarter in the prior year. Fourth quarter revenues were driven by sales of organic asparagus, avocado, mangos and other fruits and vegetables, which were sold to a diverse customer base of traditional retailers, specialty organic retailers, food service and distributors located in the Netherlands, U.K., Germany, France, Spain, Russia, Sweden, Norway and Denmark. Gross margins are expected to be significantly improved versus the prior year, as a result of Organto's reengineered business model.\"We are very pleased with our projected record fourth quarter revenues which reflect the efforts we have made to reposition our business in the fast-growing fresh organic vegetables and fruits category. We believe the opportunity in organic vegetables and fruits is very strong as the global trend towards healthy eating and wellness continues to drive growing demand on a global basis.\" commented Rients van der Wal, Chief Operating Officer of Organto and CEO of Organto Europe B.V. \"We continue to build out our operating platform and expand our customer base as we add new supply sources to meet market demands, and as a result, we believe we are well-positioned to take advantage of the growing health and wellness opportunity.\" added Mr. Van der Wal.Fiscal 2019 Revenue Guidance Revenues for the year ended December 31, 2019 will also be an annual revenue record for Organto with revenues expected in the range of approximately CDN $3.65 to CDN $3.75 million1, an increase of approximately 140% versus the prior year. The majority of re...

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