You are here
SEATTLE -- Organic To Go, the nation's first fast-casual cafe to be certified as an organic retailer, is now a publicly traded company after completing a reverse merger in which the operations of Organic To Go merged into SP Holding Corp., a public entity.
As a result of the reverse merger, Organic Holding Company, Inc. changed its name to Organic To Go, Inc.
In addition to the merger transaction, Organic Holding Company, Inc. completed the first phase of a $6.5 million private placement consisting of common stock and warrants, raising $4.7 million with the balance due on or before Feb, 19, 2007. The company also had an additional $5.6 million of debt converted into equity.
"We believe it is in the best interests of our company, and the time is right, to become a public company," said Jason Brown, founder, chairman, and c.e.o, in a statement. "The marketplace for companies operating in organic-related businesses is strong and is expected to only improve. Organic To Go can now more confidently continue its aggressive business strategy -- to grow our business both internally and via future acquisitions."
Organic To Go increased 2006 revenues 61 percent to $9.8 million as compared with 2005.
Founded in November 2004, the company focuses its business on feeding office workers where they work and university students on their campuses. The company currently has 12 cafes in Seattle, Washington, and in Los Angeles and Orange County, Calif. In addition, its catering department continues to grow. Organic To Go locations can now be found in the belly of multi-tenant office towers, on corporate campuses (including Microsoft and Starbucks), on eight college campuses, and at the Los Angeles International airport in four locations.