The company issued a statement around midday, saying that it would be releasing an announcement regarding the finalisation of a joint venture and/or potential capital raising.
The voluntary suspension will remain in place until April 20, 2018, or at such time as the company has finalised its joint-venture or capital raising initiatives.
Strong sales growth
In the three months to March 31, 2018, Wattle’s range of dairy and nutritional products generated gross sales of $804,379.
This was a particularly strong performance given that it represented 121% of total sales for the six months to December 31, 2017.
Importantly, the company is growing its sales in Australia and overseas assisted by high-profile distribution agreements.
Metcash, API and Tesco among distributors
The company has three major distributors in China, including Tesco Lotus Supermarket.
Wattle is also expanding into new markets, having made its first sales in Macau and India in the March quarter.
Adds new products and breaks into new markets
The company has broadened its product range, adding nutritional dairy products pitched at seniors, nursing mothers and students.
In February, Wattle acquired 80% of organic baby skincare company Little Innoscents for $300,000 in cash and $400,000 in shares.
It has a range of products made from 100% natural, organic and botanical ingredients.
The group is already profitable, generating underlying earnings of $250,000 from revenues of $900,000 in fiscal 2017.
Its products are distributed through 700 stores in Australia and exported to markets in the Middle East and South East Asia.