View all news

SunOpta Provides Ongoing Update On Activities Related to 2007 Earnings Results

May 15,2008

TORONTO, May 15, 2008 (PrimeNewswire via COMTEX News Network) -- SunOpta Inc. (Nasdaq:STKL) (TSX:SOY) today provided an update on the status of activities relating to the write-downs in the SunOpta Fruit Group berry operations, the delay in the filing of its Annual Report 10-K for the year ended December 31, 2007 and Form 10-Q for the period ended March 31, 2008 and the potential impact of the ongoing review of previously issued 2007 quarterly financial statements as well as actions being taken to address the issues identified.

As previously detailed, a notice was received from The Nasdaq Stock Market in April 2008, advising that the Company was not in compliance with Nasdaq Marketplace Rules as a result of the delay in the filing of its Annual Report. The Company appealed this notice and met with the Nasdaq Listing Qualification Panel on May 8, 2008 to discuss the steps the Company was taking to remedy the delay. At this hearing, the Panel requested that the Company provide a further update in thirty days. At that time, the Panel will consider the Company's continued listing of the shares.

The Company reported that it continues to make progress with its 2007 year end analysis and related investigative procedures, the implementation of a series of actions within the berry operations designed to address the root causes of issues identified, and the independent investigation being conducted by the Company's Audit Committee. The Company also reported that it has filed a Form 12b-25 with the U.S. Securities and Exchange Commission related to the delay in the filing of its quarterly report on Form 10-Q for the quarter ended March 31, 2008. The filing of its first quarter 2008 10-Q will follow the filing of the amended 2007 quarterly statements and the Annual Report 10-K for the year ended December 31, 2007.

The Company continues to execute on ongoing business development and strategic initiatives, as evidenced by the recent introduction of a new single serve chocolate soymilk product for a major global retailer, the expansion of aseptic packaging and soybase processing capabilities, investment in a natural and organic oil refining facility in Colorado, the completion of the acquisition of Tradin Organic Agriculture of Amsterdam which significantly expands the Company's global organic ingredients sourcing platform, and the ongoing expansion activities within the SunOpta Distribution Group which is now positioned as the leading integrated distributor of natural, organic and specialty foods in Canada with approximately $250 million in revenues.

The Company continues to strengthen its management team and recently announced the appointment of Mr. Tony Tavares as Vice President and Chief Operating Officer, effective June 1, 2008. Mr. Tavares brings over 20 years of extensive food industry experience to the Company and will be a valuable addition as the Company focuses on maximizing its core strategic strengths and driving improved profitability and return on equity. In addition, the Company recently appointed Mr. Gerry Watts as President, SunOpta Fruit Group - Berry Operations, effective May 15, 2008. Mr. Watts brings over 25 years of extensive experience in the fruit industry to this role and will take a key leadership role in the Company's berry operations.

There is no other material information concerning the affairs of the Company at this time that has not been generally disclosed.

About SunOpta Inc.

SunOpta Inc. is an operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food, supplements and health and beauty markets. 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; Opta Minerals Inc. (TSX:OPM) (66.7% owned by SunOpta), a producer, distributor, and recycler of environmentally friendly industrial materials; and the SunOpta BioProcess Inc. which engineers and markets proprietary steam explosion technology systems for the pulp, bio-fuel and food processing industries. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.

The SunOpta Inc. logo is available at

Forward-Looking Statements

Certain statements included in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to references to expected financial results, business strategies, competitive strengths, goals, capital expenditure plans, business and operational growth plans and references to the future growth of the business. These forward looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its interpretation of current conditions, historical trends and expected future developments as well as other factors that the Company believes are appropriate in the circumstance. However, whether actual results and developments will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to final 2007 financial results, the Company's ability to address inventory issues in its berry operations, the outcome of any pending litigation; general economic, business or market risk conditions; competitive actions by other companies; changes in laws or regulations or policies of local governments, provinces and states as well as the governments of United States and Canada, many of which are beyond the control of the Company. Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized.

This news release was distributed by PrimeNewswire,

SOURCE: SunOpta Inc.

SunOpta Inc.
          Jeremy N. Kendall, Chairman
          Steve Bromley, President & CEO
          Joseph Riz, Executive Vice President
          John Dietrich, Vice President & CFO
          Susan Wiekenkamp, Information Officer
            905-455-2528, ext 103

          Lytham Partners, LLC
          Investment Community Inquiries:
          Joe Diaz
          Robert Blum
          Joe Dorame

(C) Copyright 2008 PrimeNewswire, Inc. All rights reserved.

News Provided by COMTEX

Multimedia Files:

View all news