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03082010 - Planet Organic Health Corp

By Lester Adams,2014-08-13 14:05
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03082010 - Planet Organic Health Corp ...

    CORPORATE UPDATE

Edmonton, Alberta

    March 8, 2010

Planet Organic Health Corp (TSX Venture Exchange “POH”), Mr. Darren Krissie, Executive Vice

    President of Planet Organic Health Corp. (“Planet Organic”), announces that Mark Craft, Michael J.

    Arougheti, Daniel G. Katz and David D. Heighington have resigned from the board of directors. Planet Organic wishes to express its thanks to each of Mr. Craft, Mr. Arougheti, Mr. Katz and Mr. Heighington for their services to the company.

    Shareholders are reminded that the Corporation is currently operating in default under its credit facilities and accordingly the lenders have the legal right to demand repayment of all indebtedness and enforce their security over all of the Corporation’s assets. To date to the Corporation has not been successful in

    arranging financing from other sources to meet its debt obligations to the lenders. The Corporation is reviewing all financing options in order to eliminate its aggregate debt load.

    ABOUT PLANET ORGANIC

    Planet Organic Health Corp. (TSX-V: POH) is a natural products industry company, comprising manufacturing, distribution and retail. Planet Organic is listed on the TSX Venture Exchange as a Tier One company. Planet Organic operates nine natural food supermarkets throughout Canada under the Planet Organic Market banner and eleven natural food supermarkets in the U.S. under the Mrs Green's Natural Markets banner. Another Planet Organic division, Trophic Canada, is the country’s leading manufacturer of natural supplements. The Company has a total of nine stores throughout Canada and eleven in the U.S.

    For further information:

    Planet Organic Health Corp., Darren Krissie, Executive VP, Business Development (780) 719-4667 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements

    Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and

    plans and objectives of or involving Planet. Many of these statements can be identified by looking for words such as “believe”,

    “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues”, or similar words and include but are

    not limited to, statements regarding the accretive effects of the acquisition and the anticipated results and expected benefits of the

    acquisition upon closing thereof. Planet Organic believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Planet Organic’s continuous disclosure documents. Such forward-looking

    statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Planet Organic’s actual performance and financial results in future periods to differ materially from any projections of future performance or results

    expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general economic, market

    and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of

    suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Planet Organic. Any forward-looking statements are

    made as of the date hereof and Planet Organic does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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