Planet Organic's Acquisition of Northeastern U.S. Retailer to Close at the End of May

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Planet Organic's Acquisition of Northeastern U.S. Retailer to Close at the End of May

05/16/2007
EDMONTON, Alberta -- Planet Organic Health Corp. said yesterday that its acquisition of Scardale, N.Y.-based Mrs. Green's Natural Market, Inc. is scheduled to close May 31.

"At this point, we are wrapping up the purchase agreement and audit," noted Planet Organic v.p. and c.f.o. Darren Krissie in a statement.

Mrs. Green's, a privately held company, operates 11 stores in New York and Connecticut. Owners and founders Harold and June Hochberger will remain to help Planet Organic in its U.S. expansion plans.

In other Planet Organic news, board member Neil Norris has resigned from his position of independent director. His temporary replacement, David Heighington, is a Calgary, Alberta-based securities lawyer.

Planet Organic, a natural products industry company comprising manufacturing, distribution and retail, operates eight natural food supermarkets in Canada under the Planet Organic Market banner. The company also operates 50 natural health outlets under the Sangster's Health Centre banner and seven natural health outlets under the Healthy's banner.