Stake Technology Announces Closing of $2 million Equity Issue with SRB Belvedere Trust
TORONTO--Sept. 2, 2003--Stake Technology Ltd.
(Stake)(Nasdaq:STKL)(TSX:SOY) is pleased to announce today that it has
closed its previously announced private placement of 285,714 common
shares with SRB Belvedere Trust, a trust in which Stephen Bronfman is
the beneficiary. The private placement was completed at US $7.00 per
common share for total proceeds of US $2 million (or approximately
Cdn. $2.8 million). This was the same price per share paid in Stake's
recently announced public offering.
The net proceeds from the offering will be used primarily for
general corporate purposes, including future acquisitions, internal
expansion projects and working capital requirements and to reduce
outstanding indebtedness.
Stake Technology Ltd., soon to be SunOpta Inc., 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 which engineers and markets 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.
Websites: www.staketech.com or www.sunopta.com www.sunrich.com
www.bei.ca www.steamexplosion.com www.sunrichvalley.com
www.organickitchen.ca www.wildwestorganicharvest.com
www.kettlevalley.net www.opta-food.com
Note: This news release may contain forward-looking information.
Actual future results may differ materially. The risks, uncertainties,
and other factors that could influence actual results are described in
the Company's annual report to shareholders and in SEC reports.
CONTACT: Stake Technology Ltd.
Jeremy N. Kendall or Steve Bromley or Susan Wiekenkamp
Tel: 905-455-2528, ext 103
info@staketech.com
or
Investor Relations Counsel
The Equity Group Inc.
Linda Latman, 212-836-9609
www.theequitygroup.com
SOURCE: Stake Technology Ltd.