SunOpta Provides Ongoing Update On Activities Related to 2007 Earnings Results
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TORONTO, April 17, 2008 (PRIME NEWSWIRE) -- SunOpta Inc. (Nasdaq:STKL) (TSX:SOY)
today provided its regularly scheduled bi-weekly update on the status of
activities relating to the write-downs in the SunOpta Fruit Group and the impact
on expected financial results for 2007, the potential impact on previously
issued 2007 quarterly financial statements and actions being taken to address
the issues identified.
As indicated in its prior press releases, the Company has delayed the filing of
its Annual Report on Form 10-K for the fiscal year ended December 31, 2007. In
addition, the Company, as expected, received a written Staff determination
notice from The Nasdaq Stock Market ("Nasdaq") dated April 2, 2008 advising that
the Company was not in compliance with Nasdaq's Marketplace Rule 4310(c)(414) as
a result of the delay in the filing of its Annual Report. The Company has
appealed the notice and has been granted a hearing, at which time the Company
will meet with the Nasdaq Listing Qualifications Panel to review the Staff
Determination, discuss the Company's actions to remedy the delay and have the
Panel consider and render a decision for the continued listing of the Company's
shares.
The Company reported continued progress with both its 2007 year end analysis and
related investigative procedures within the Company's berry operations, as well
as the investigation being conducted by the Company's Audit Committee, with
assistance from independent counsel and accountants, continued to progress. The
Company further confirmed continued progress in the assessment and
implementation of a series of actions within the berry operations required to
address the root causes of issues identified to date that may have led to the
write-down, and which are expected to result in improved business processes
within the operating unit.
The Company's other operating groups are continuing to perform to expectation
and remain focused on execution of their short and long term business
objectives, as evidenced by recent announcements concerning growth in organic
soy products via the introduction of a new single serve chocolate soymilk
product for a major global retailer and the expansion of aseptic packaging and
soybase processing capabilities. In addition the Company continued to execute on
its strategic objectives and recently announced an investment in a natural and
organic oil refining facility in Colorado and the completion of the acquisition
of Tradin Organic Agriculture of Amsterdam, significantly expanding the
Company's global organic ingredients sourcing platform. There is no other
material information concerning the affairs of the Company at this time that has
not been generally disclosed.
About SunOpta Inc.
SunOpta Inc. is an operator of high-growth ethical businesses, focusing on
integrated business models in the natural and organic food, supplements and
health and beauty markets. The Company has three business units: the SunOpta
Food Group, which specializes in sourcing, processing and distribution of
natural and organic food products integrated from seed through packaged
products; Opta Minerals Inc. (TSX:OPM) (66.7% owned by SunOpta), a producer,
distributor, and recycler of environmentally friendly industrial materials; and
the SunOpta BioProcess Inc. which engineers and markets proprietary steam
explosion technology systems for the pulp, bio-fuel and food processing
industries. Each of these business units has proprietary products and services
that give it a solid competitive advantage in its sector.
The SunOpta Inc. logo is available at
http://www.primenewswire.com/newsroom/prs/?pkgid=3958
Forward-Looking Statements
Certain statements included in this press release may constitute
"forward-looking statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to references to expected financial results,
business strategies, competitive strengths, goals, capital expenditure plans,
business and operational growth plans and references to the future growth of the
business. These forward looking statements are based on certain assumptions and
analyses made by the Company in light of its experience and its interpretation
of current conditions, historical trends and expected future developments as
well as other factors that the Company believes are appropriate in the
circumstance. However, whether actual results and developments will agree with
expectations and predications of the Company is subject to many risks and
uncertainties including, but not limited to final 2007 financial results, the
Company's ability to address inventory issues in its berry operations, the
outcome of any pending litigation; general economic, business or market risk
conditions; competitive actions by other companies; changes in laws or
regulations or policies of local governments, provinces and states as well as
the governments of United States and Canada, many of which are beyond the
control of the Company. Consequently all forward-looking statements made herein
are qualified by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Company will be realized.
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CONTACT: SunOpta Inc.
Jeremy N. Kendall, Chairman
Steve Bromley, President & CEO
Joseph Riz, Executive Vice President
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
905-455-2528, ext 103
susan.wiekenkamp@sunopta.com
www.sunopta.com
Lytham Partners, LLC
Joe Diaz
diaz@lythampartners.com
Robert Blum
Joe Dorame
602-889-9700
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