Edmonton, Alberta. Planet Organic Health Corp. (“Planet Organic”) – (TSX Venture Exchange – POH) announced today that the acquisition of Mrs Green’s Natural Market Inc. (“Mrs Greens”) will close May 31.
“At this point, we are wrapping up the purchase agreement and audit” reports Darren Krissie, VP & CFO of Planet Organic. “Both sides are excited to close so we can begin our growth plans.”
Mrs. Green’s is one of the leading natural and organic food retailers in the Northeastern U.S. Based on management prepared financial statements for the year ended December 31, 2006 (unaudited), Mrs. Green’s had revenue of $38,125,860, EBITDA (defined as earnings before interest, income taxes, depreciation and amortization) of $4,789,516, total assets of approximately $5,503,370, and negative working capital of $964,930. All figures are in U.S. dollars and are subject to adjustment based on the completion of audited financial statements. The privately held Company operates 11 stores located in the New York/Connecticut area. Mrs. Green’s owners and founders Harold and June Hochberger will be staying on to assist Planet Organic in their U.S. growth plans.
The options granted to Planet Organic directors, officers, employees and consultants at $2.70, as disclosed in the March 20 press release, have increased from 612,000 to 913,000, and will now be granted at $2.50. All options will expire five years from the date of grant. In addition Planet Organic reports that Neil Norris has tendered his resignation from the Board of Directors of the corporation effective May 11, 2007. The Board of Directors thank Mr. Norris for his dedicated service and wish him well with future endeavors. David Heighington will temporarily replace Mr. Norris as an independent director. Mr. Heighington is currently a securities lawyer practicing in Calgary Alberta.
ABOUT PLANET ORGANIC HEALTH CORP.
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. The Company also operates 50 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 64 stores throughout the country.
For further information, please contact: Planet Organic Health Corp. Darren Krissie, VP Corporate Development, CFO
Tel: (780) 719-4667 Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept 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”. 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.