View all news

Stake Technology Announces Sale of Opta Head Office

October 03,2003
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: or

    CONTACT: Stake Technology Ltd.
             Jeremy N. Kendall or Steve Bromley or Susan Wiekenkamp
             Tel: 905-455-2528, ext 103
             Investor Relations Counsel
             The Equity Group Inc.
             Linda Latman, 212-836-9609

    SOURCE: Stake Technology Ltd.

Multimedia Files:

View all news