ORAGIN Foods Inc. (TSX-V:OG, OTCQX:OGGFF) told investors that it continues to operate without disruption despite a failure-to-file cease trade order (CTO) by the Ontario Securities Commission (OSC) that saw trade in its shares halted late last year.
In a corporate update, ORAGIN CEO Matt Lurie said: “Both our Retail and CPG (consumer packaged goods) divisions continue to operate normally and the company has sufficient cash on hand to meet its day-to-day obligations pertaining to all areas of business, despite the current halt of our stock as a result of situations which we are working toward resolving, while laying the groundwork for long-term sustainable success of the company and value for our shareholders.”
Expanding on the CTO, the Toronto-based food innovation company explained that its common shares were suspended from trading on the TSX Venture Exchange after it was unable to get its interim filings approved following the resignation of its independent directors and its chief financial officer.
While revocation of the CTO is expected within a few days after the filing is completed, the company said it was unable to anticipate the timing as they first require approval of a properly constituted board of directors and certification by the CFO.
READ: ORAGIN Foods aims to repay debt, appoint new board members, and continue to run retail business and CPG division
In addition to Retail and its CPG Division, including the Future of Cheese, the company said it continues to work on the following:
- US co-packer
- ORAGIN said it is in the final testing phase with a US-based co-packer and anticipates the successful completion of testing within the first two quarters of 2023.
- Following the testing and manufacturing pre-production phase, its commercial production of the Future of Cheese products will commence with an anticipated initial launch into the US market this calendar year.
- Product development
- The company said several new products are being finalized to launch late in the first quarter or early in the second quarter.
- ORAGIN also plans to continue to build on its successful award-winning plant-based Brie by launching additional varieties within that category.
- Retail growth
- ORAGIN said it is excited to onboard a large US-based retailer in Canada as well as a large Canadian independent grocery chain in the first two quarters of the year, with interest in its products continuing to grow both in Canada and the US.
ORAGIN Foods is a Canadian multi-pronged food company, where new and innovative food and beverage brands are developed, acquired, grown and commercialized through a consumer packaged goods (CPG) division.
The company also houses a retail division, which owns and operates one of Canada's leading natural and organic food retailers, Organic Garage.
Contact the author at stephen.gunnion@proactiveinvestors.com