Organto Completes Sale of Three European Subsidiaries

Organto Foods Inc. (TSX-V:OGO)(OTC Pink:OGOFF), a provider of organic and non-GMO foods, announced the sale of three Dutch subsidiaries. The subsidiaries—Organto Europe BV, Fresh Organic Choice BV, and BeeOrganic BV—were sold to an independent third-party purchaser for €1, with the purchaser assuming all associated assets and liabilities.

This sale aligns with Organto's strategy to streamline operations and strengthen its financial position. The transaction resulted in a net liability position of approximately C$4.2 million as of March 31, 2024. As part of the deal, the purchaser enters a two-year trademark agreement for certain brands and trademarks.

Organto will retain its other subsidiaries, including NFG New Fruit Group GmbH, a key operating entity focused on organic and non-GMO products. NFG, acquired in January 2023, boasts strong supply relationships and a focus on the European market.