Planet Organic Health Corp.

Planet Organic Health Corp.

February 01, 2010 13:16 ET

Planet Organic Health Corp.: Corporate Update

EDMONTON, ALBERTA--(Marketwire - Feb. 1, 2010) - Planet Organic Health Corp. (TSX VENTURE:POH), Mr. Darren Krissie, Executive Vice President of Planet Organic Health Corp. (the "Corporation"), announces that the Corporation, as previously reported in Stockwatch, continues to operate 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 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. As part of the company's strategic review of the sale of assets, the company is in late stage discussions regarding the sale of certain non-core assets. In all cases it is the intent and expectation that all aspects of the business will continue as operating entities subsequent to the Corporation's reorganization and that the Corporation's current cash flows and access to lines of credit enable it to remain current in its obligations.

Additionally, the Corporation announces that Ron Francisco has resigned from the board of directors.


Planet Organic Health Corp. (TSX VENTURE:POH) is a natural products industry company, comprising manufacturing and retail. Planet is listed on the TSX Venture Exchange as a Tier One company. Planet operates ten 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. The Company also operates 43 natural health outlets under the Sangster's Health Centre banner and seven natural health outlets under the Healthy's (Planet Organic Living) banner. Another Planet Organic company, Trophic Canada is the country's leading manufacturer of natural supplements. The Company has a total of 60 stores throughout Canada and 11 in the U.S.

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.

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.

Contact Information

  • Planet Organic Health Corp.
    Darren Krissie
    Executive VP, Business Development
    (780) 719-4667