VANCOUVER, BC / ACCESSWIRE / November 15, 2019 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF) ("Organto" or "the Company"). In accordance with Section 3.5 of Exchange Policy 3.3, Organto today provided an update on its news release of October 17, 2019 announcing that the Company had received shareholder approval and final acceptance of the TSX Venture Exchange for the sale of the Company's Colombian cannabis subsidiary, Medicannabis S.A.S. to Xebra Brands Ltd. Today the Company advised that the parties to the transaction continue to work through a number of closing deliverables and expect to complete the transaction in the near future.
The Company also advised that it has entered into debt settlement agreements with two parties to discharge obligations of CDN $71,995 in exchange for 1,142,580 common shares of the Company at an average price of $0.063 per common share, subject to acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Steve Bromley
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:
Investor Relations
604-634-0970
1-888-818-1364
info@organto.com
ABOUT ORGANTO
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. The Organto Foods Group is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO fruit and vegetable products using an asset-light business model to serve a growing socially responsible and health conscious consumer around the globe.
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 expectation that the sale of Medicannbis will be completed in the near future. This forward-looking statements is based on a number of assumptions that may prove to be incorrect. 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.
View source version on accesswire.com:
https://www.accesswire.com/566868/Organto-Provides-Update-on-Sale-of-Colombian-Cannabis-Subsidiary
