SunOpta to Acquire Assets of Snapdragon Natural Foods
TORONTO--May 13, 2004--SunOpta Inc. (SunOpta or
the Company) (Nasdaq:STKL) (TSX:SOY) today announced that it has
reached an agreement in principle to acquire the natural and organic
distribution business known as Snapdragon Natural Foods Inc.
("Snapdragon") from its parent company, I-D Foods Corporation.
Snapdragon distributes organic groceries and frozen products to both
the mass market and natural food retailers across Canada with
warehousing facilities located in Montreal, Quebec, Toronto, Ontario
and Calgary, Alberta. The Snapdragon operation will further contribute
to the Company's stated objective of building Canada's first national
natural and organic foods distributor.
The transaction is an asset purchase and includes the purchase of
inventory and the current business of Snapdragon. No liabilities will
be assumed in the acquisition and I-D Foods Corporation will provide
warehousing, distribution and sales representation services to SunOpta
until such time as activities are transitioned to Supreme Foods and
other operations within the Company's natural and organic distribution
network.
The transaction is subject to completion of due diligence and
definitive agreements and is expected to close on or about May 31,
2004.
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 six 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.
For further information, please contact:
SunOpta Inc.
Jeremy N. Kendall, Chairman & CEO
Steve Bromley, Executive Vice President & COO
John Dietrich, Vice President & CFO
Susan Wiekenkamp, Information Officer
Tel: 905-455-2528, ext 103
swiekenkamp@sunopta.com
Website: www.sunopta.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: SunOpta Inc.
Jeremy N. Kendall, Steve Bromley,
John Dietrich, Susan Wiekenkamp,
Tel: 905-455-2528, ext 103
email: swiekenkamp@sunopta.com
SOURCE: SunOpta Inc.