EDMONTON, May 13 /PRNewswire-FirstCall/ -- Planet Organic Health Corp. (TSX Venture Exchange - "POH"). Mr. Darren Krissie, Executive Vice President of Planet Organic Health Corp. (the "Corporation") advised that, as part of the Corporation's continuing effort to restructure its financial affairs under the protection of the Companies Creditor's Arrangement Act, it brought a motion on May 12, 2010 to adjourn and postpone the May 14, 2010 Annual General Meeting of the shareholders. The motion was heard in part on May 12, 2010 with the balance of the motion scheduled to be heard Monday, May 17, 2010. In order to preserve the status quo of all parties concerned and affected pending the completion of the hearing of the motion, the judge ordered the Annual General Meeting date to be reset pending the completion of the motion and his ruling on it. As a result, the Annual General Meeting has been tentatively reset for Friday, May 21, 2010 subject to the further decision of the judge after the continuation of the hearing on Monday, May 17, 2010. Further particulars concerning the Annual General Meeting will be clarified after the judge's decision is received.
The Corporation's operating plans are unaffected by today's announcement. All retail outlets will continue to operate in Canada and the U.S. without disruption to existing customers or employees.
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 release.
Forward-Looking Statements Note: This press release contains forward-looking information and forward-looking statements within the meaning of Canadian provincial securities laws. These forward-looking statements include, among others, statements with respect to the timing and continuance of the CCAA protection, the uncertainty involved in the court proceedings, the restructuring process, potential opportunities for the restructured business and ongoing operation of certain of the Company's retail grocery outlets. The words "plan", "remain", "will", "continue", "seek", "pursue", ""opportunity", "grow", "progress", variations of those words and other words and expressions which may be predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results of the restructuring to differ materially from those set forth in the forward-looking statements include: general economic conditions; demand for the Company's products; unforeseen administrative, legal, operational or production issues; cost of materials; sales and marketing performance; and, other risks detailed from time to time in the documents filed by the Company with the securities regulators in Canada. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Planet Organic Health Corp.
CONTACT: Please refer to Deloitte & Touche Inc.'s website for access to
court documents: http://www.deloitte.com/ca/planet-organic; Planet Organic Health
Corp., Darren Krissie, Executive Vice President, (780) 719-4667
