TORONTO--(BUSINESS WIRE)--
SunOpta Inc. ("SunOpta") (Nasdaq:STKL) (TSX:SOY), a leading global
company focused on organic, non-genetically modified and specialty
foods, today provided a corporate update on its efforts aimed at
improving operational performance, accelerating growth and enhancing
shareholder value.
Financial and Legal Advisors
The Company has maintained an ongoing dialogue with its largest
shareholders. Recently, management and some members of the Board of
Directors met directly with many of the Company's largest shareholders,
including Tourbillon Capital Partners. Following these consultations and
reflecting the views expressed by a number of these large shareholders,
including that now is not the right time to commence an outright sale of
the Company, the Board of Directors has hired Rothschild Inc., supported
by legal advisors Davies Ward Phillips & Vineberg LLP, to review the
Company's operating plan and evaluate a complete range of strategic and
financial actions that SunOpta could undertake to maximize shareholder
value. There is no set timetable for the completion of this review
process. SunOpta does not intend to disclose or comment on its review,
unless and until the Board of Directors approves a specific action, or
otherwise concludes its review.
Board of Directors
The SunOpta Nominating and Governance Committee has been working to
identify director candidates who can add additional operating, industry
and capital markets experience and expertise to the Board of Directors.
Encouraged by Tourbillon Capital Partners and other major shareholders,
SunOpta also announced today that its Board of Directors has hired
Russell Reynolds Associates, a global executive search, assessment and
succession planning firm, to assist in identifying director candidates,
including potential candidates that have been brought forward by
shareholders.
Management Change
SunOpta announced today that oversight of Quality Assurance has been
transferred from the Company's operations department to Jim Gratzek,
Senior Vice President, Research and Development. Gratzek has extensive
experience in food quality, process improvement and technology
development and is charged with significantly enhancing the Company's
food quality and safety processes and procedures. He will also continue
to lead SunOpta's Research and Development efforts. "The same
disciplined, focused approach which Jim has employed so successfully in
our R&D function will help us to more rapidly address the process
challenges at the root of our recent quality issues. This change will
also allow our operations teams to more single-mindedly focus on
efficiency improvements in our plants and in our global supply chain,
thereby enhancing our ability to achieve our stated goal of increasing
gross margins," commented Rik Jacobs, SunOpta President and Chief
Executive Officer.
"With these steps today, we are responding to our shareholders and
taking the necessary steps to review SunOpta's strategic opportunities
and improve the Company's operational performance to create value for
all shareholders," stated SunOpta Board of Directors Chairman Alan
Murray.
"We believe SunOpta has a unique and enviable position in the market and
has the potential to create increased value for all our shareholders,"
said Jacobs. "These announcements today enhance SunOpta's ability to
achieve operational excellence, maintain financial discipline and pursue
innovation to drive growth."
About SunOpta Inc.
SunOpta Inc. is a leading global company focused on organic,
non-genetically modified ("non-GMO") and specialty foods. The Company
specializes in the sourcing, processing and packaging of organic and
non-GMO food products, integrated from seed through packaged products,
with a focus on strategic vertically integrated business models. The
Company's organic and non-GMO food operations revolve around value-added
grain-, seed-, fruit- and vegetable-based product offerings, supported
by a global sourcing and supply infrastructure.
Forward-Looking Statements
Certain statements included in this press release may be considered
"forward-looking statements" within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation, which are based on information available to us
on the date of this release. These forward-looking statements include,
but are not limited to, our expectation that we will be able to more
rapidly address the process challenges at the root of our recent quality
issues, focus more on efficiency improvements in our plants and in our
global supply chain and our belief that the Company has a unique and
enviable position in the market. Generally, forward-looking statements
do not relate strictly to historical or current facts and are typically
accompanied by words such as "will", "should", "believe", "would",
"may", "plans", "expect", "anticipate", "estimate", "intend", "project",
"potential", "continue", "might", "predict" and other similar terms and
phrases intended to identify these forward-looking statements.
Forward-looking statements are based on information available to us on
the date of this release and are based on estimates and assumptions made
by the Company in light of our experience and perception of historical
trends, current conditions and expected future developments as well as
other factors we believe are appropriate in the circumstances. The
Company makes no representation that reasonable business people in
possession of the same information would reach the same conclusions.
Whether actual timing and results will agree with expectations and
predications of the Company is subject to many risks and uncertainties
including risks described from time to time under "Risk Factors" in our
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q
(available at www.sec.gov).
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 that we anticipate will be realized.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160627005359/en/
SunOpta Inc.
Public Relations
Rob Litt, Director Global
Communications
952-893-7863
Rob.litt@sunopta.com
Source: SunOpta Inc.
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