Edmonton, Alberta / TheNewswire / May 30, 2018 – BioNeutra Global Corporation ("BioNeutra" or the "Company") (TSXV: BGA), a functional and health food and beverage ingredient manufacturer producing isomalto-oligosaccharide ("IMO") using its patented processes, is pleased to announce its financial results for the three month period ended March 31st, 2018 (the "First Quarter"). Most notably, the Company achieved earnings of $ 0.04 per share in the First Quarter.
First Quarter Selected Financial Results
The Company experienced significant growth during the First Quarter of 2018 with sales of $ 9,853,046 for the three month period ended March 31, 2018, representing an increase of $ 2,500,356 or 31% from sales of $ 7,352,690 for the three month period ended March 31, 2017.
In addition to the growth in revenue, the Company also decreased its operating expenses by $ 189,755 to $ 1,948,006 in the First Quarter of 2018. This represents a material decrease from $ 2,137,761 for the same period of 2017.
The Company’s total net income including comprehensive income rose to $ 1,959,047 for the three month period ended March 31, 2018, as compared to ($ 3,709) for the same period in 2017.
Due to the strong U.S. dollar, the Company had a foreign exchange gain of $ 778,730 for the First Quarter ended March 31, 2018.
Statement from the Company
"This is truly an exciting time for BioNeutra as we step into the next stage of the Company’s development. With the completion and certification of BioNeutra’s Canadian production facility and the addition of a joint venture plant in China, along with our contract manufacturer in Indonesia who has expanded his plant to support the increased sales by BioNeutra, we are more confident than ever that we will be able to meet the growing demands of our existing and emerging markets. I am happy to say that, in addition to providing value to our shareholders by achieving a healthy earnings of $ 0.04 per share, my lifelong dream of bringing healthy products to consumers around the world is being realized. We will continue our research and development efforts to continuously bring new and improved VitaFiber(TM) IMO products to food and beverage manufacturers and our loyal consumers around the world." stated Jianhua Zhu, PHD, President and Chief Executive Officer of BioNeutra.
A complete copy of the financial statements and Management’s Discussion & Analysis for the First Quarter ended March 31st, 2018 are available on SEDAR.
BioNeutra is in the business of research and development, production and commercialization of ingredients for nutraceutical, functional and mainstream foods and beverages, with a focus on VitaFiber(TM) IMOs.
The Company’s lead product, VitaFiber(TM), is an advanced functional and health food and beverage ingredient scientifically made from natural agricultural products, is generally regarded as safe (GRAS) by the U.S. Food & Drug Administration, and is European Food Safety Authority and Health Canada approved as a novel food ingredient. VitaFiber(TM) is naturally sweet and lower in calories than regular sugar and is a natural source of dietary fiber as it provides low calorie soluble prebiotic fiber for human digestive health.
The Company produces VitaFiber(TM) using its patented processes that naturally transform starch molecules from agriculture cereal crops including corn, wheat, barley, potato, or tapioca into the functional health molecules of VitaFiber(TM) IMO. The VitaFiber(TM) manufacturing process is based upon a natural enzymatic conversion of starch molecules without any chemical modification involved, making VitaFiber(TM) a natural food and beverage ingredient. VitaFiber(TM) is also non-GMO, vegan-friendly, gluten-free, Kosher and Halal certified and available as certified organic.
The Company’s customers include a mix of small and medium enterprises and a number of high-profile food and beverage manufacturers in Canada, the U.S., Europe, the United Kingdom, and Mexico. VitaFiber(TM) is also available for retail purchase across the globe through Amazon.com and other direct-to-consumer retailers.
Further information about BioNeutra is available on the Company’s website at www.bioneutra.ca and the SEDAR website at www.sedar.com.
For further information on BioNeutra, please contact:
Dr. Jianhua Zhu
President and Chief Executive Officer
Tel: (780) 466-1481 (Ext. 111)
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of BioNeutra. Forward-looking information is based on certain key expectations and assumptions made by the management of BioNeutra. Although BioNeutra believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because BioNeutra can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. BioNeutra disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any applicable securities laws or any state of the United States and may not be offered or sold in the United States or to the account or benefit of a person in the United States absent an exemption from the registration requirements.
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