Stake Technology Announces Sale of Opta Head Office
TORONTO--Oct. 3, 2003--Stake Technology Ltd.
(Stake) (Nasdaq:STKL) (TSX:SOY) announced today that its subsidiary,
Opta Food Ingredients, Inc. has entered into an Option Agreement with
Dr. Laxman S. Desai ("Purchaser") whereby Dr. Desai has been granted a
one year option to purchase the former Opta Corporate Headquarters and
Development Centre (45,000 square feet) at a price of $4.85 million.
The option has been granted for a period of one year and expires
September 22, 2004.
As per the terms of the Option Agreement, Stake has received a
$500,000 non-refundable initial option payment which may be applied to
the sale price at closing. Stake will also receive non-refundable
monthly option payments of $30,000 which will not be applied to the
purchase price at closing. An option deposit in the amount of $700,000
is due on or before December 15, 2003 and Stake will also receive
monthly option deposits of $20,000, all of which deposits may be
applied to the purchase price at closing. All amounts are expressed in
US dollars.
Stake's Food Ingredients operations will continue to operate from
approximately 12,000 square feet of the building and the Purchaser
will assume the balance of the facility.
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 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.
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
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.