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SunOpta Inc.: Update On Activities Related to 2007 Earnings Results and Preliminary Estimates for 2008
TORONTO, June 12, 2008 -- SunOpta Inc. today provided its regularly scheduled bi-weekly update on the status of activities relating to the write-downs in the SunOpta Fruit Group Berry Operations, the delay in the filing of its Annual Report 10-K for the year ended December 31, 2007 and Form 10-Q for the period ended March 31, 2008, and the potential impact of the ongoing review of previously issued 2007 quarterly financial statements and actions being taken to address the issues identified.
As previously reported, the Company received a written Staff Determination notice on May 20, 2008 from The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with the Nasdaq Marketplace Rules as a result of the delay in the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008. The Company is delaying the filing of its 10-Q for the quarter ended March 31, 2008 until the Audit Committee has completed its investigation, the Company has completed the restatement of its 2007 quarterly financial statements, and the Company has filed its Annual Report on Form 10-K for the year ended December 31, 2007. The Company responded to this additional notice in a written submission to the Nasdaq Listing Qualification Panel filed on May 27, 2008, and has also provided to the Panel the requested update on the status of the activities to the Panel on June 9, 2008.
The Company reported that it continues to make steady progress with its 2007 year end analysis and related investigative procedures, the implementation of a series of actions within the Berry Operations designed to address the root causes of issues identified, and the independent investigation being conducted by the Company's Audit Committee. As previously disclosed, the Company continues to target the filing of its 2007 year end statements and its first quarter 2008 results by the end of June 2008 and mid-July 2008 respectively, however, both filings shall occur no later than July 31, 2008.
The Company continues to execute on ongoing business development and strategic initiatives, as evidenced by the recent introduction of a new single serve chocolate soymilk product for a major global retailer, the expansion of aseptic packaging and soy base processing capabilities in Alexandria, Minnesota and Heuvelton, New York and the recently announced plans to construct a new soymilk processing and packaging to be located in Modesto, California to accommodate continued internal growth and new food service customers. In addition the Company recently announced an investment in a natural and organic oil refining facility in Colorado to meet growing needs in this segment. On April 2, 2008, the Company completed the acquisition of Tradin Organic Agriculture of Amsterdam which significantly expands the Company's global organic ingredients sourcing platform. Also, on April 29, 2008, the Company announced the expansion of its SunOpta Distribution warehouse in Vancouver positioning SunOpta as the leading integrated distributor of natural, organic and specialty foods in Canada with approximately $250 million in revenues. In addition, the Company continues to strengthen its senior management team and recently, announced the appointments of Mr. Tony Tavares as Vice President and Chief Operating Officer, SunOpta Inc., effective June 1, 2008 and, Mr. Gerry Watts as President, SunOpta Fruit Group Berry Operations, effective May 15, 2008.
As previously reported in its press release of May 29th, 2008, with strong growth in its core businesses, the Company expects to meet its planned revenue goal for 2008 of $1 billion and, on a preliminary basis, the Company expects the estimated earnings per share before the one time professional costs incurred in 2008 will be in the range of $0.25 to $0.30 per share on a fully diluted basis.
There is no other material information concerning the affairs of the Company at this time that has not been generally disclosed.
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 SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the bio-fuel, pulp 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
Tony Tavares, Vice President & COO
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
www.sunopta.com
Lytham Partners, LLC
Investment Community Inquiries:
Joe Diaz
diaz@lythampartners.com
Robert Blum
Joe Dorame
602-889-9700
As previously reported, the Company received a written Staff Determination notice on May 20, 2008 from The Nasdaq Stock Market ("Nasdaq") stating that the Company was not in compliance with the Nasdaq Marketplace Rules as a result of the delay in the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008. The Company is delaying the filing of its 10-Q for the quarter ended March 31, 2008 until the Audit Committee has completed its investigation, the Company has completed the restatement of its 2007 quarterly financial statements, and the Company has filed its Annual Report on Form 10-K for the year ended December 31, 2007. The Company responded to this additional notice in a written submission to the Nasdaq Listing Qualification Panel filed on May 27, 2008, and has also provided to the Panel the requested update on the status of the activities to the Panel on June 9, 2008.
The Company reported that it continues to make steady progress with its 2007 year end analysis and related investigative procedures, the implementation of a series of actions within the Berry Operations designed to address the root causes of issues identified, and the independent investigation being conducted by the Company's Audit Committee. As previously disclosed, the Company continues to target the filing of its 2007 year end statements and its first quarter 2008 results by the end of June 2008 and mid-July 2008 respectively, however, both filings shall occur no later than July 31, 2008.
The Company continues to execute on ongoing business development and strategic initiatives, as evidenced by the recent introduction of a new single serve chocolate soymilk product for a major global retailer, the expansion of aseptic packaging and soy base processing capabilities in Alexandria, Minnesota and Heuvelton, New York and the recently announced plans to construct a new soymilk processing and packaging to be located in Modesto, California to accommodate continued internal growth and new food service customers. In addition the Company recently announced an investment in a natural and organic oil refining facility in Colorado to meet growing needs in this segment. On April 2, 2008, the Company completed the acquisition of Tradin Organic Agriculture of Amsterdam which significantly expands the Company's global organic ingredients sourcing platform. Also, on April 29, 2008, the Company announced the expansion of its SunOpta Distribution warehouse in Vancouver positioning SunOpta as the leading integrated distributor of natural, organic and specialty foods in Canada with approximately $250 million in revenues. In addition, the Company continues to strengthen its senior management team and recently, announced the appointments of Mr. Tony Tavares as Vice President and Chief Operating Officer, SunOpta Inc., effective June 1, 2008 and, Mr. Gerry Watts as President, SunOpta Fruit Group Berry Operations, effective May 15, 2008.
As previously reported in its press release of May 29th, 2008, with strong growth in its core businesses, the Company expects to meet its planned revenue goal for 2008 of $1 billion and, on a preliminary basis, the Company expects the estimated earnings per share before the one time professional costs incurred in 2008 will be in the range of $0.25 to $0.30 per share on a fully diluted basis.
There is no other material information concerning the affairs of the Company at this time that has not been generally disclosed.
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 SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the bio-fuel, pulp 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
Tony Tavares, Vice President & COO
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
www.sunopta.com
Lytham Partners, LLC
Investment Community Inquiries:
Joe Diaz
diaz@lythampartners.com
Robert Blum
Joe Dorame
602-889-9700