EDMONTON, ALBERTA, Sep 9, 2004 (CCNMatthews via COMTEX) -- PLANET ORGANIC HEALTH CORP. ("Planet Organic" or the "Corporation") (TSX Venture Exchange - "POH"), which owns and operates large natural food supermarkets in Edmonton, Victoria, Calgary and Port Coquitlam, announced today that it has closed its previously announced acquisition of Great Ocean Natural Foods located in Halifax. This acquisition will fall under the Planet Organic Market division headed by Mark Craft.
The final purchase price was $2 million, with $1.3 million in cash, the assumption of $500,000 of liabilities and the balance via the issuance of 235,296 shares. The acquisition was facilitated by the natural products industry consulting firm Danny Wells & Associates.
The 235,295 common shares issued are subject to a statutory four-month hold period expiring on January 7, 2004. In addition 117,648 shares have been deposited into a voluntary Escrow Agreement whereby those shares shall be released on September 1, 2005.
Planet Organic operates natural food supermarkets in Edmonton, Victoria, Calgary and Port Coquitlam with current revenues for the nine months ended March 31, 2004 of $8,691,071. Planet Organic provides its customers with the convenience of one-stop shopping by offering a broad product selection in all merchandise categories. Planet Organic's objectives are to consolidate the fragmented natural and organic foods industry in Canada and the U.S. via acquisitions, mergers and new retail operations.
This news release contains forward-looking information. Actual results may vary significantly from estimates.