Business
Organto Provides Update on Operations and Forecast for Record First Quarter 2020 Results
Announces Participation in Investor Update Webinar on Tuesday, March 31, 2020 at 11:00 am ES...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Update on Operations and Forecast for Record First Quarter 2020 ResultsAnnounces Participation in Investor Update Webinar on Tuesday, March 31, 2020 at 11:00 am ESTVANCOUVER, BC / ACCESSWIRE / March 30, 2020 / Organto Foods Inc. (TSXV:OGO)(OTCPINK:OGOFF) (\"Organto\" or \"the Company\"), an integrated provider of fresh organic vegetables and fruits today provided a further update to its previous news release dated March 18, 2020 related to ongoing operations during the COVID-19 pandemic. In addition, Organto provided an update on forecast record revenues and gross profits for the first quarter of 2020, and announced that Steve Bromley, Chair and Interim CEO and Rients van der Wal, COO & CEO of Organto Europe B.V. will be participating in Adelaide Capital Investor Relations webinar series on Tuesday, March 31, 2020 at 11:00 am EST, to provide an update on European operations during the COVID-19 pandemic.Business Operations During COVID-19 Pandemic Organto continues to manage operations remotely via the Company's information technology and communication systems which permit full operational and administrative capabilities from remote locations. Demand for food at retail remains strong throughout key European markets, and to this point the Company's supply chains have continued to operate in difficult circumstances, as governments prioritize food operations as essential during the crisis. 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 long term. Organto continues to carefully monitor developments and will update stakeholders as new information becomes available.First Quarter 2020 Revenue Guidance For the first quarter ended March 31, 2020 Organto expects to realize record first quarter revenues of approximately CDN $1.6 to CDN $1.65[1] million, an increase of approximately 1,200% versus the same quarter in the prior year. First quarter revenues are being driven by sales of organic asparagus, avocado, mangos and other fruits and vegetables, which are sold to a diverse customer base of traditional retailers, specialty organic retailers and distributors, located in the Netherlands, U.K., Belgium, Germany, France, Spain, Russia, Sweden, Norway and Denmark. Gross profits are also ...