Planet Organic Health Corp. - (TSX Venture Exchange - POH).
EDMONTON, March 28 /CNW/ - Planet Organic Health Corp ("Planet Organic"),
Canada's largest natural foods retailer, today announced it has re-stated Q2
and year-to-date financial results for the period ended December 31, 2007.
During a review of the Corporation's consolidated financial statements in
preparation for filing a prospectus, and subsequent to filing of the
Corporation's interim consolidated financial statements for the period ended
December 31, 2007, it was determined that certain adjustments were required to
more properly reflect the results of the Corporation's operations, financial
position and cash flows.
"In summary, we had a few changes to non-cash items such as amortization
of financing fees and stock based compensation as well as some balance sheet
and cash flow updates. The end result is earnings increased by $263,859
year-to-date, EBITDA decreased by $25,000," reports Darren Krissie, VP & CFO
"Financial reporting has become incredibly complex and you really need
several sets of eyes digging through the quarterly results to ensure you've
captured everything," reports Mr. Krissie. "Going forward, we will have the
chartered accounting firm of Grant Thornton conduct reviews on our quarterly
results, which is not required as a TSX Venture issuer."
Please refer to the re-stated Q2 and year-to-date results and MD&A where
we describe in detail the changes that occurred. You will find the financials
on our corporation website at www.planetorganichealthcorp.com or SEDAR.
'Good Food, Good for You, Good for the Earth.' That's been the company's
motto for the past 15 years. Planet Organic Markets sell only 100% certified
organic produce, all-natural groceries, a healthy deli selection, organic
meats, fair trade coffee and chocolates as well as all-natural supplements and
To find our more, please visit: www.planetorganic.ca
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 eight
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 seven natural health outlets
under the Healthy's banner. Another POHC company, Trophic Canada is the
country's leading manufacturer of natural supplements. The Company has a total
of 63 stores throughout Canada and 11 in the U.S.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Certain statements contained herein may contain forward-looking
information within the meaning of Canadian securities legislation. Such
forward-looking statements or information include, but are not limited to,
statements or information with respect to unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements or
information. Forward-looking statements and information are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Many factors could cause POH's
actual results, performance or achievements to be materially different from
any future results, performance or achievements that may be expressed or
implied by such forward-looking statements or information, including among
other things those risk factors which are identified elsewhere in documents
that POH files from time to time with securities regulatory authorities.
Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements or information prove
incorrect, actual results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected. Accordingly,
readers should not place undue reliance on forward-looking statements or
information. Subject to applicable securities laws, the Company expressly
disclaims any intention or obligation to update or revise any forward-looking
statements and information whether as a result of new information, future
events or otherwise. All written and oral forward-looking statements and
information attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the foregoing cautionary statements.
For further information:
For further information: Planet Organic Health Corp., Darren Krissie, VP
Corporate Development, CFO, (780) 719-4667; Bob Beaty, The Howard Group Inc.,
Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com