Organto Adds Second Strategic Supply Partner Based in Mexico and Expands Product Offering
Vancouver, British Columbia (FSCwire) - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) (“Organto” or “the Company”), an integrated provider of value-added fresh organic vegetable and fruit products today announced that as part of its strategy to significantly develop organic product supply from Mexico, it has signed a Memorandum of Understanding with an established supplier of organic avocados and other organic fruits and vegetables from the region.
This agreement represents another step in Organto’s efforts to develop supply from a region with significant presence and expertise in organic fruits and vegetables, bringing together Organto’s technical knowledge and go-to-market expertise, the strategic supply partner’s existing infrastructure, technical knowledge and growing expertise, and the financial resources of Accendo Banco, a progressive Mexican based financial institution. Accendo Banco is an established strategic lender to numerous farming clients throughout Mexico, committed to lending to progressive growers and processors to support continued development of sustainable long-term supply from the region.
Product shipments from this strategic supply source are expected to commence late in the third quarter of 2018 and are expected to ramp-up as the existing orchards mature and their growing capacity increases. Organto is focused on expanding its supply of organic vegetables and fruits from Mexico and recently announced that it had also signed a Memorandum of Understanding with another strategic supplier from Mexico for the supply of organic blackberries, blueberries and other organic fruits and vegetables.
“We are very pleased to be working with our new supply partner as we add organic avocado to our product portfolio. Demand for organic avocado continues to grow globally and we believe we will be well positioned in this expanding market,” commented Steve Bromley, Chair and Interim CEO of Organto Foods Inc. “We remain excited by the immense supply potential from Mexico and are pleased to be working with our new supply partners in the region as we expand our sourcing and supply platform to meet the growing demand for fresh organic vegetable and fruit products.”
The addition of this new supply source and expanded product array is part of Organto’s strategy to expand beyond its value-added organic vegetables product offering and supply capabilities. The addition of new supply relationships focused on organic soft, tropical and exotic fresh fruits such as organic blueberries, organic blackberries, organic avocado, organic passion fruit and organic mangos, as well as other organic vegetables, are expected to expand revenue streams, deepen supply relationships with strategic growers in key supply markets, expand market presence and develop incremental opportunities for Organto “I am Organic” branded products and private label offerings.
ON BEHALF OF THE BOARD,
Chair and Interim 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:
Organto is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO fruit and vegetables products 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 sourcing, logistical, processing and distribution capabilities, providing traceability from the table back to the field. The Company sources supply from strategically located third-party suppliers, with plans to continue to expand supply capabilities via further strategic third-party growers and processors in Africa, Mexico, South America 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 integrated year-round supply capabilities and plans to continue to develop and expand these capabilities; plans to expand product offerings and deepen supply relationships; the benefit of incremental supply from Mexico; the expected growth in the global organic avocado market, 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 and contractors. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.
Source: Organto Foods Inc. (TSX Venture:OGO, OTC Pink:OGOFF)
To follow Organto Foods Inc. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire