Organic To Go closes $6.7 mil' investment round
CEO Brown to talk at NYC's Fancy Food Show
by Sustainable Food News
June 29, 2007
Organic To Go said Friday its previously announced equity infusion commitment is actually a few hundred thousands dollars more than was disclosed two days before.
The Seattle-based fast casual café -- the nation's first to be certified as an organic retailer -- said Wednesday it raised $6.35 million from institutional investors, to expand its corporate catering services and number of retail cafés and outlets.
Today, the company revised that figure to close the transaction at $6.7 million. That brings total investment in the chain to $28.7 million since Nov. 2004.
The recent financing consisted of the sale of 3.35 million shares at $2.00 per share with five-year warrants to purchase 1.34 million shares of common stock at an exercise price of $2.50.
OTG is publicly traded OTCBB.
"We are actively pursuing entry into a new geographic market in Southern California," said Jason Brown, OTG chief executive officer. "The funds are targeted to continue our growth strategy."
Brown will be speaking about the organic foodservice market at the upcoming Fancy Food Show in New York City July 9. Brown is being joined by Sylvia Tawse, founder of The Fresh Ideas Group.