POH
2010-03-08
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Planet Organic Health Corp.: Corporate Update
EDMONTON, ALBERTA--(Marketwire - March 8, 2010) - Planet Organic Health
Corp (TSX VENTURE:POH), 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. Mr. Krissie, Ian Newton and Brent Knudsen remain
as the current board of directors.
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 VENTURE: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.
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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FOR FURTHER INFORMATION PLEASE CONTACT:
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.
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