Business
Organto Provides Corporate Update and Second Quarter Revenue Guidance
VANCOUVER, BC / ACCESSWIRE / May 28, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF) (...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Corporate Update and Second Quarter Revenue GuidanceVANCOUVER, BC / ACCESSWIRE / May 28, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF) (\"Organto\" or the \"Company\"), an integrated provider of organic and value-added fruits and vegetables today provided an update on continued operations during the COVID-19 pandemic, forecast record revenues for the second quarter of 2020, plus the status of the Company's postponed filing of its annual financial statements and related flings for the financial year ended December 31, 2019.Business Operations During COVID-19 Pandemic Organto's management and operations personnel located in the Netherlands have returned to the office this week, while all other global team members continue to work remotely. The Company's information technology and communication systems continue to operate well, permitting full operational and administrative capabilities from both central and remote locations. Operations in the Netherlands have been relocated to expanded office space to facilitate both business needs and health and safety protocols. Rients van der Wal, Chief Operating Officer, Organto Foods Inc., and Chief Executive Officer, Organto Europe B.V. commented, \"I want to welcome our valued Netherlands team back into our new office space, and thank each of them, in addition to all of our colleagues around the globe, for their significant efforts in ensuring our operations continued to operate effectively while all were working remotely.\"Demand for healthy and nutritious foods has remained strong throughout key European markets. Our supply chains continue to operate well under difficult circumstances, as governments have prioritized food operations as essential during the pandemic. Organto continues to believe its diverse sourcing and logistics expertise combined with flexible supply chain capabilities has positioned the Company for success, both in the short and longer term. Organto continues to carefully monitor developments and will update stakeholders as new information becomes available.Second Quarter 2020 Preliminary Revenue Guidance For the second quarter ended June 30, 2020 Organto expects to realize record second quarter revenues of approximately CDN $2.0 to CDN $2.2[1] million, which would represent the largest quarterly revenues in the history of the Company, and an inc...