Organto Expands Global Supply Base to Egypt
Vancouver, British Columbia (FSCwire) - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) (“Organto”), a leading vertically integrated provider of value-added branded organic vegetables, today announced that it has further expanded its global supply base with the addition of a new strategic supply partner located in Egypt. Under the terms of the agreement, Organto will contract organic green beans, organic sugar snaps and organic snow peas from this partner. It is expected that initial product supply of organic green beans will commence in mid-November 2017, followed by organic snow peas and sugar snaps in early December 2017.
“The addition of supply from Egypt fully aligns with our strategy to build out our global year-round vertically integrated supply model, with Northern and Southern Hemisphere supply sources. We are really pleased to add supply from this important supply region, and we look forward to expanding with our new strategic partner.” commented Arnoud Maas, Chief Executive Officer of Organto. “We believe that Egypt will be a key sourcing region for us and we intend on continuing to build supply from this region and others.”
The new strategic supply partner is a family owned agro-industrial company that was established in 1996. They operate five packing operations and operate their own growing operations as well as work with a number of audited growers, maintaining full traceability and supply chain control. Initially approximately 50 hectares of organic green beans and approximately 20 hectares of organic snow peas and sugar snaps, are expected to be under cultivation.
ON BEHALF OF THE BOARD,
Arnoud Maas
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For more information contact:
Investor Relations
604-634-0970
1-888-818-1364
info@organto.com
About Organto
Organto is a vertically integrated provider of year-round value-added branded organic produce serving a growing socially responsible and health conscious consumer around the globe. Organto employs a business model that is integrated from the “table to the field”. Driven by consumer demand for healthy and organic food products, it operates an integrated business model with extensive logistical, processing and growing capabilities, providing complete traceability from the table back to the field. Operations are currently located in Guatemala, The Netherlands and the USA, as well as secured third-party supply from Africa and Peru, with plans to continue to expand year-round supply capabilities via strategic third-party growers and processors in Africa, Mexico and other growing regions. Organto’s business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders.
Forward Looking Statements
This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”). In particular, and without limitation, this news release contains forward-looking statements respecting Organto’s business model and markets; Organto’s vertically integrated year-round supply capabilities and plans to continue to develop and expand these capabilities; the timing of expected deliveries from this new supplier: beliefs related to current market demand; potential increases of supply from this strategic supply partner; management’s beliefs, assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto’s business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavourable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors, partners and joint venturers. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Organto11212017.pdf
Source: Organto Foods Inc. (TSX Venture:OGO, OTC Pink:OGOFF)
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