TORONTO, ONTARIO--Stake Technology Ltd. (To become "SunOpta Inc." effective October 31, 2003) (Nasdaq:STKL) (TSX:SOY) announced today that it has completed the acquisition of 100% of the shares of Pro Organics Marketing, Inc. and its related companies.
Pro Organics is a profitable company with revenues in this past year of approximately Cdn. $35.0 million and is the leading distributor of certified organic fresh foods in Canada with distribution facilities located in Vancouver, Toronto and Montreal. Pro Organics supplies the most complete range of certified organic produce as well as extensive offerings in organic bulk foods and dairy. The company enjoys a number of exclusive sourcing arrangements.
Stake Technology Ltd., to become SunOpta Inc. effective October 31, 2003, is an owner/operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last five consecutive years, Stake was included in Profit magazine's 'Profit 100' list of the 100 fastest growing companies in Canada. The company has three business units: the Food Group, which specializes in sourcing, processing and distribution of natural and organic food products; integrated from seed through packaged products; the Environmental Industrial Group; a producer, distributor, and recycler of environmentally friendly industrial materials; and the Steam Explosion Technology Group who engineer and market clean pulping systems using patented steam explosion technology. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.