Organto Releases Fiscal 2023 Financial Results

About this update from Organto Foods, Inc.

[{"type":"text","content":"Organto Releases Fiscal 2023 Financial ResultsTORONTO, ON and BREDA, THE NETHERLANDS / ACCESSWIRE / October 8, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), a provider of branded, private label and bulk distributed healthy and organic fruit and vegetable products today announced it has released its audited financial results for the year ended December 31, 2023. All amounts are expressed in Canadian dollars and in accordance with International Financial Reporting Standards (IFRS), except where specifically noted.\"While we realized continued growth in sales and gross profit during 2023, we were unable to attain the profitability targets we set for our business. As a result, we embarked on a significant restructuring with the goal of positioning our business for continued growth and long-term stability, but more importantly, a clear path to profitability. While there is still work to be done, we have made solid progress by streamlining our product portfolio to categories where we deserve to, and believe we can win, refocusing our marketing strategies and reducing costs via both internal reorganization and the sale of three operating subsidiaries. In addition, we are in the process of finalizing the restructuring of our convertible debenture obligations, which is expected to result in reduced debt levels and greater operating flexibility. We believe the impact of these initiatives will be apparent as we report our results in the coming periods.\" commented Steve Bromley, Chair and Chief Executive Officer.Bromley commented further, \"With the filing of our audited financial statements for fiscal 2023 now complete, we expect to file our Financial Statements and accompanying Management Discussion and Analysis for the first and second quarters of 2024 in the coming weeks, and in doing so meet the key requirements to apply to have the current Cease Trade Order lifted. We appreciate the support and understanding we have received from our shareholders, debenture holders and key operating partners as we work through this restructuring period. We remain committed to building a world class foods company focused on serving growing healthy foods markets with the goal of building shareholder value.\"Fiscal 2023 Results OverviewSales of $27.7 million versus sales of $22.1 million in the prior year, ...

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