Planet Organic Closes Mrs Green's Acquisition; Continues U.S. Expansion

EDMONTON, Alta -- Planet Organic Health Corp. yesterday closed its deal to buy natural and organic foods retailer Mrs Green's Natural Market Inc., securing its foothold in the U.S. market.

"We set our sites on entering the U.S. market by 2008, and we achieved it," said Darren Krissie, v.p. and c.f.o. of Planet Organic, in a statement. "Not only [was it done] ahead of schedule, but with a quality-run chain with solid revenues and EBITDA."

"This is not only a strategic move for Mrs Green's Natural Market, but for our staff as well" noted Harold and June Hochberger, founders and former owners of Mrs Green's, who will remain with the company to assist Planet Organic's U.S. growth plans. "This will provide our employees with the opportunity to grow within a larger organization."

"We are now continuing our expansion in both Canada and the U.S. via new store development and further acquisitions," added Krissie.

Scarsdale, N.Y.-based Mrs Green's operates 12 stores in upstate New York and in Connecticut.

Planet Organic is a natural product company comprising manufacturing, distribution, and retail. It operates eight natural food supermarkets throughout Canada under the Planet Organic Market banner, 50 natural health outlets under the Sangster's Health Centre banner, and seven natural health outlets under the Healthy's banner.
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