SunOpta To Acquire Oat Fiber Manufacturing Facility
TORONTO--March 24, 2004--SunOpta Inc. (the
Company) (Nasdaq:STKL) (TSX:SOY) today announced that its wholly owned
subsidiary, SunOpta Ingredients, Inc., (the Company) has entered into
a letter of intent with General Mills, Inc., whereby the Company will
purchase the General Mills Bakeries & Foodservice oat fiber processing
facility located on Wenig Road in Cedar Rapids, Iowa. The transaction
is subject to completion of due diligence and certain definitive
agreements. The parties are working to complete outstanding items and
intend to close this transaction as soon as possible.
Jeremy N. Kendall, Chairman and CEO of SunOpta Inc., commented "We
are pleased to purchase this asset as we continue to expand our oat
fiber processing capabilities and address the demand for healthy
product ingredient offerings."
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, SunOpta was
included in Profit magazine's 'Profit 100' list of the 100 fastest
growing companies in Canada. 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; the Opta Minerals Group, a producer,
distributor, and recycler of environmentally friendly industrial
materials; and the StakeTech Steam Explosion Group that 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.
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. The
attached consolidated balance sheet and consolidated statement of
earnings has been summarized from the 2003 audited financial
statements and includes unaudited information. The information
provided here should be considered in conjunction with the other
information included within the audited financial statements.
CONTACT: SunOpta Inc.
Jeremy N. Kendall
Steve Bromley
Susan Wiekenkamp
905-455-2528, ext 103
swiekenkamp@sunopta.com
Website: www.sunopta.com
SOURCE: SunOpta Inc.