TORONTO, March 20, 2008 (PRIME NEWSWIRE) -- SunOpta Inc. (Nasdaq:STKL) (TSX:SOY) today provided its regularly scheduled bi-weekly update on the status of activities relating to its January 24, 2008 press release, which provided an overview of expected financial results for 2007, the potential impact on previously issued 2007 quarterly financial statements and actions being taken to address the issues identified.
As previously indicated in its March 6th press release, the Company confirmed its intention to delay the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and filed Form 12b-25, Notification for Late Filing, with the U.S. Securities and Exchange Commission. In addition, the Company also filed Form 9A with the Toronto Stock Exchange to similarly report the delay in filing its Annual Report.
The Company reported that it is continuing to make progress with its 2007 year end analysis and related investigative procedures throughout the Company's berry operations and that the investigation being conducted by the Company's Audit Committee, with assistance from independent counsel and accountants, was progressing. The Company further confirmed it continues to assess and implement a series of actions (to address the root causes of the issues that led to the write-down) which is expected to result in improved business processes within the operating unit.
Outside of the activities specifically focused on the SunOpta Fruit Group, the Company reported that its other operating groups are performing to expectation and remain focused on execution of their short and long term business objectives. The Company continues to execute on planned growth opportunities and recently announced a joint venture for refining natural and organic oils, expanding supply capabilities for these high demand materials, and also announced its intention to close the previously announced acquisition of Tradin Organic Agriculture in early April 2008, expanding its global sourcing and supply capabilities in organic food ingredients.
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) (66.3% owned by SunOpta), a producer, distributor, and recycler of environmentally friendly industrial materials; and 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.
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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 the expected terms of the proposed private placement and 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; the company's ability to negotiate successfully the specific terms of the private placement with investors, 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.