Stake Technology Announces Common Share Offering
TORONTO--Aug. 11, 2003--Stake Technology Ltd.
(Stake) (Nasdaq:STKL) (TSX:SOY) announced today, August 11, 2003 an
offering of approximately 7,000,000 common shares to be issued from
treasury. Marketing is expected to begin today on an overnight basis
in the United States and in certain provinces of Canada. The net
proceeds from any such offerings will be used primarily for general
corporate purposes including future acquisitions, internal expansion
projects and working capital requirements and to reduce outstanding
indebtedness.
In connection with the offering, Stake has filed today a
preliminary short form prospectus with the securities commissions in
Ontario, Manitoba, Saskatchewan, Alberta and British Columbia in
respect of a proposed offering of common shares. The Company has filed
previously a shelf registration statement with the United States
Securities and Exchange Commission (SEC) which has been declared
effective by the SEC and allows the Company to make offerings of
common shares, special shares, warrants, senior debt and subordinated
debt securities or in any combination of up to U.S. $100 million.
The offering will be underwritten by a syndicate of underwriters
consisting of Desjardins Securities Inc. and BMO Nesbitt Burns Inc. as
Joint Bookrunners and Co-lead Managers, TD Securities Inc. as a
Co-lead Manager.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state, province or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under securities laws of such state, province or
jurisdiction. An offering may only be made in the aforementioned
provinces of Canada by means of a prospectus and in the United States
only by means of a prospectus and the related prospectus supplement.
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 filings.
CONTACT: Stake Technology Ltd.
Jeremy N. Kendall
Steve Bromley
Susan Wiekenkamp
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.