Business
Organto Provides Record Revenue Guidance of $35 to $37 Million for Fiscal 2021 and Announces Financing to Fund Accelerating Growth
Fiscal 2021 Guidance Reflects Increase of Over 200% Versus Record 2020 Results VANCOUVER...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Record Revenue Guidance of $35 to $37 Million for Fiscal 2021 and Announces Financing to Fund Accelerating GrowthFiscal 2021 Guidance Reflects Increase of Over 200% Versus Record 2020 ResultsVANCOUVER, BC and BREDA, THE NETHERLANDS / ACCESSWIRE / December 10, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), an integrated provider of organic and value-added organic fruits and vegetables today provided record revenue guidance of CDN $35.0 to $37.0 million for fiscal 2021 with a revenue exit run rate of CDN $50.0 million, and announced a CDN $2.0 million convertible note financing to fund rapid growth.Fiscal 2021 Revenue Guidance Forecast annual revenues for fiscal 2021 in the range of CDN $35.0 to $37.0 million[1], an expected increase of more than 200% versus projected record revenues for fiscal 2020 of CDN $10.9 to $11.0 million.Forecast revenue exit run rate by the end of 2021 in the range of CDN $50.0 millionversus projected exit rate in the range of CDN $23.0 to 25.0 million for fiscal 2020.\"Our business continues to grow rapidly as we expand both our supply sources and customer base in response to growing demand for fresh organic fruits and vegetables. Our distribution has grown to thirteen countries in Europe, and we are now sourcing from four continents including Europe, North and South America and Africa. We believe that consumer focus on health and wellness, combined with a deep desire for foods sourced in a sustainable and transparent manner, positions our product offering for substantial and rapid growth for many years to come.\" commented Rients van der Wal, Co-CEO and CEO of Organto Europe B.V. \"We have been making great progress on our strategy of building an ethics-driven one-stop shop in fresh organic and specialty fruits and vegetablesand this is accelerating. In addition, our acquisition pipeline is developing and we have started to convert these opportunities, and we are making solid progress on our plans to further develop our I AM Organic branded retail product catalog in early 2021. These are certainly exciting times for Organto.\" added Mr. van der Wal.Over the past few months Organto has reported a number of significant developments, including:Record third quarter revenues of CDN $2.738 million and record quarterly gross profit of $285,951 o...