11:49 AM EDT, 10/18/2024 (MT Newswires) -- Colabor Group ( COLFF ) was last seen down 13% after it said it renewed a supply agreement with an institutional customer at significantly lower margins. The agreement represents 11% of Colabor's ( COLFF ) expected revenue for fiscal 2024.

The agreement, which was subject to a public bid solicitation process, is for two years and includes two six-month renewal options at the customer's discretion.

Colabor ( COLFF ) says it has already identified several opportunities and measures to reduce the impact on future earnings.

"We are pleased with this renewal and continue to execute our strategic plan with optimism and determination, while developing new markets. With our new distribution center in Saint-Bruno-de-Montarville, we are well positioned to distinguish ourselves in a competitive market," said Louis Frenette, President & Chief Executive Officer of Colabor ( COLFF ).

The company's shares were last seen down $0.17 to $1.15 on the Toronto Stock Exchange.

Price: 1.16, Change: -0.16, Percent Change: -12.12