EDMONTON, June 4 /CNW/ - PLANET ORGANIC HEALTH CORP (TSX Venture Exchange
- POH), Canada's leading organic food and natural products retailer will
refocus its aggressive growth plans on its existing divisions, it decided in
the wake of a strategic board meeting.
The board meeting followed last month's decision to abandon a planned
public market financing because the fully marketed offering of common shares,
announced on April 1, 2008, met very weak public market conditions. As a
result, the offering could not be completed at a price that appropriately
valued the company's internal growth opportunities.
In addition to refocusing and intensifying its expansion energies
inwardly, POH is also seeking alternative growth financing.
"We are continuing with the relocation of Mrs Green's commissary to a
larger location to service more planned store locations. Planet Organic
Markets recently opened their second Ontario location in Vaughan and have
signed a lease for a third Ontario store. We will continue with the rebrand of
Healthy's to Planet Organic Living.
"Pausing and focusing on existing operations for awhile is always a good
step since it allows us to work on integrating and improving what we already
have," said Darren Krissie, VP and CFO for POH.
Mr. Krissie said the previously announced deal to purchase the
California-based organic food retailer, New Leaf Community Markets, will not
proceed because of the decision to abandon the public market financing.
However, Mr. Krissie added that the relationship with New Leaf's founders
remains strong and today's decisions won't preclude any future business
dealings between POHC and New Leaf.
"New Leaf is a fabulous organization and we will be keeping in touch with
its President and founder, Scott Roseman, and his team," Mr. Krissie said.
ABOUT PLANET ORGANIC
Planet Organic Health Corp. (TSX-V: POH), is a natural products industry
company, comprising manufacturing, distribution 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. The Company also operates 48 natural health outlets
under the Sangster's Health Centre banner and eight natural health outlets
under the Healthy's & Planet Organic Living banner. Another POHC company,
Trophic Canada is the country's leading manufacturer of natural supplements.
The Company has a total of 65 stores throughout Canada and 11 in the U.S.
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.
For further information on POHC and its five divisions, please visit our
www.planetorganichealthcorp.com or www.sedar.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: about this news release, please contact: Planet
Organic Health Corp., Darren Krissie, VP Corporate Development, CFO, (780)
719-4667; The Howard Group Inc., Bob Beaty, Toll Free: 1-888-221-0915,