Stake Technology Announces the Exercise of Underwriters Over-Allotment

TORONTO--(BUSINESS WIRE)--Sept. 4, 2003--Stake Technology Ltd. (Stake) (Nasdaq:STKL)(TSX:SOY) is pleased to announce today that the underwriters of the previously announced offering of 7,000,000 common shares have exercised their over-allotment option for an additional 500,000 common shares, at a price of US $7.00 per common share for total gross proceeds of US $3.5 million (or approximately Cdn. $4.9 million).

The net proceeds from the offering will be used primarily for general corporate purposes, including future acquisitions, internal expansion projects and working capital requirements and to reduce outstanding indebtedness. In a related matter, Stake has repaid the US $5 million convertible debenture issued to Claridge Israel LLC from the proceeds of this offering.

BizVantage – Beyond the news: indepth on business, investment and technology.
Try the free, no-hassle 6 month trial!

Stake Technology Ltd., soon to be SunOpta Inc., is an owner/operator of high-growth ethical businesses, focusing on integrated business models in the natural and organic food markets. For the last five consecutive years, Stake was included in Profit magazine's 'Profit 100' list of the 100 fastest growing companies in Canada. The company has three business units: the Food Group, which specializes in sourcing, processing and distribution of natural and organic food products integrated from seed through packaged products; the Environmental Industrial Group, a producer, distributor, and recycler of environmentally friendly industrial materials; and the Steam Explosion Technology Group which engineers and markets clean pulping systems using patented steam explosion technology. Each of these business units has proprietary products and services that give it a solid competitive advantage in its sector.

Websites: www.staketech.com or www.sunopta.com www.sunrich.com www.bei.ca www.steamexplosion.com www.sunrichvalley.com www.organickitchen.ca www.wildwestorganicharvest.com www.kettlevalley.net www.opta-food.com

Note: This news release may contain forward-looking information. Actual future results may differ materially. The risks, uncertainties, and other factors that could influence actual results are described in the Company's annual report to shareholders and in SEC reports.