EDMONTON, Feb. 26 /CNW/ - Planet Organic Health Corp (TSX Venture Exchange - "POH"), Mr. Darren Krissie, Co-CEO of Planet Organic Health Corp. (the "Corporation"), announces the Corporation has concluded the sale of its Sangster's division, subject to customary post closing adjustments. The sale proceeds will be used to reduce debt. As previously announced in Stockwatch on November 23, 2009, the Corporation is continuing to review all strategic options available to reduce corporate debt.
Shareholders are reminded that the Corporation is currently operating in default under its credit facilities and accordingly the lenders have the legal right to demand repayment of all indebtedness and enforce their security over all of the Corporation's assets. To date the Corporation has not been successful in arranging financing from other sources to meet its debt obligations to the lenders. The Corporation is reviewing all financing options in order to eliminate its aggregate debt load.
ABOUT PLANET ORGANIC
Planet Organic Health Corp. (TSX-V: POH) is a natural products industry company, comprising manufacturing and retail. Planet is listed on the TSX Venture Exchange as a Tier One company. Planet operates nine natural food supermarkets throughout Canada under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. Another Planet Organic company, Trophic Canada is the country's leading manufacturer of natural supplements. The Company has a total of 9 stores throughout Canada and 11 in the U.S.
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 release.
Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Planet. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "anticipates", "estimates", "continues", or similar words and include but are not limited to, statements regarding the accretive effects of the acquisition and the anticipated results and expected benefits of the acquisition upon closing thereof. Planet Organic believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Planet Organic's continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Planet Organic's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Planet Organic. Any forward-looking statements are made as of the date hereof and Planet Organic does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.
SOURCE PLANET ORGANIC HEALTH CORP.
For further information: For further information: Planet Organic Health Corp., Darren Krissie, Executive VP, Business Development, (780) 719-4667