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7.4.2008: Meldung: SunOpta Inc.: Notice From Nasdaq
SunOpta Receives Notice From NASDAQ Due to Late Filing of Form 10-K
TORONTO, April 4, 2008 -- SunOpta Inc. (Nasdaq:STKL) (TSX:SOY) today announced that as expected it has received a written Staff Determination notice from The Nasdaq Stock Market ("NASDAQ") dated April 2, 2008, advising that the Company is not in compliance with Nasdaq"s Marketplace Rule 4310(c)(14) as a result of delays in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.
As previously announced, due to certain errors in the costing of inventory and the reconciliation of third party inventories in the Company"s berry operations, management has determined that previously issued interim financial statements included in the Company"s 2007 quarterly reports should not be relied upon and a restatement of these results is required. In hand with this determination, the Company"s Audit Committee has commenced an investigation into the accounting issues within the Company"s berry operations and has retained independent legal counsel and accountants to assist with this matter. As a result, the Company has delayed the filing of its 2007 Form 10-K until the Company has completed the restatement of previous quarters, the Audit Committee has completed its independent investigation, and the 2007 financial statement audit is completed. The Company is working to complete this process as quickly as possible and will file the 2007 Form 10-K as soon as practicable.
As a result of this filing delay, the Company"s securities become subject to delisting from The Nasdaq Global Market at the opening of business on April 11, 2008 unless the Company appeals the Staff Determination. The Company intends to appeal the notice and will request a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination. Until a decision is made by the Panel, the Company"s common stock will remain listed on The Nasdaq Global Market. However, there can be no assurance that the Panel will grant the Company"s request for continued listing.
About SunOpta Inc.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food, supplements and health and beauty markets. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; Opta Minerals Inc. (TSX:OPM) (66.7% owned by SunOpta), a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.
CONTACT: SunOpta Inc.
Jeremy N. Kendall, Chairman
Steve Bromley, President & CEO
Joseph Riz, Executive Vice President
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
[email protected]
www.sunopta.com
Lytham Partners, LLC
Investment Community Inquiries:
Joe Diaz
[email protected]
Robert Blum
Joe Dorame
602-889-9700
TORONTO, April 4, 2008 -- SunOpta Inc. (Nasdaq:STKL) (TSX:SOY) today announced that as expected it has received a written Staff Determination notice from The Nasdaq Stock Market ("NASDAQ") dated April 2, 2008, advising that the Company is not in compliance with Nasdaq"s Marketplace Rule 4310(c)(14) as a result of delays in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.
As previously announced, due to certain errors in the costing of inventory and the reconciliation of third party inventories in the Company"s berry operations, management has determined that previously issued interim financial statements included in the Company"s 2007 quarterly reports should not be relied upon and a restatement of these results is required. In hand with this determination, the Company"s Audit Committee has commenced an investigation into the accounting issues within the Company"s berry operations and has retained independent legal counsel and accountants to assist with this matter. As a result, the Company has delayed the filing of its 2007 Form 10-K until the Company has completed the restatement of previous quarters, the Audit Committee has completed its independent investigation, and the 2007 financial statement audit is completed. The Company is working to complete this process as quickly as possible and will file the 2007 Form 10-K as soon as practicable.
As a result of this filing delay, the Company"s securities become subject to delisting from The Nasdaq Global Market at the opening of business on April 11, 2008 unless the Company appeals the Staff Determination. The Company intends to appeal the notice and will request a hearing before the Nasdaq Listing Qualifications Panel to review the Staff Determination. Until a decision is made by the Panel, the Company"s common stock will remain listed on The Nasdaq Global Market. However, there can be no assurance that the Panel will grant the Company"s request for continued listing.
About SunOpta Inc.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food, supplements and health and beauty markets. The Company has three business units: the SunOpta Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; Opta Minerals Inc. (TSX:OPM) (66.7% owned by SunOpta), a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.
CONTACT: SunOpta Inc.
Jeremy N. Kendall, Chairman
Steve Bromley, President & CEO
Joseph Riz, Executive Vice President
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
[email protected]
www.sunopta.com
Lytham Partners, LLC
Investment Community Inquiries:
Joe Diaz
[email protected]
Robert Blum
Joe Dorame
602-889-9700