-Record annual Revenues of $26 million, an increase of $10 million or 62.0% over the prior year

-Materially improved Gross Profit to $9.2 million, an increase of $2.2 million or 30.8% over the prior year

-More than doubled the Income before taxes from the prior year to $2.16 million

-Recorded significant Net Income of $1.08 million compared to $179,497 for the prior year

-Achieved Earnings of $0.02 per share

 

Edmonton, Alberta / TheNewswire / April 28th, 2017 – BioNeutra Global Corporation (“BioNeutra” or the “Company”) (TSXV: BGA) is pleased to announce its financial results for the year ended December 31, 2016 (the “Year End”).  BioNeutra is a functional and health food and beverage ingredient manufacturer that uses its patented processes to produce isomalto-oligosaccharide (“IMO”) which is sold under its trademark VitaFiber™.

 

Year End Selected Financial Results

 

BioNeutra experienced another year of strong growth with revenues of approximately $26 million which is a $10 million increase over the prior year due to significant market and customer demand for its VitaFiber™ IMO which is used in various food and beverage products in the key markets of the US, Europe and Canada.

 

The Company’s Adjusted EBITDA remains strong at $3.8 million and represents a 26.4% increase over the prior year which has had a significant positive effect on the operational strength of the Balance Sheet.  At year end, the Company had working capital of $7.78 million versus $6.76 million at the end of the prior year.

 

The total Assets of the Company were $36.6 million compared to $26.8 million; and the total Liabilities were $20.8 million, up from $11.6 million, in the prior year.

 

A complete copy of the financial statements and Management’s Discussion & Analysis for the year ended December 31st, 2016 are available on SEDAR.

 

CEO Commentary

 

Company founder, CEO and President Dr. Jianhua Zhu says:

 

“BioNeutra continues to be a growth company with an impressive revenue increase of $10 million, an increase of 62.0% over 2015.  In response to the broad demand for VitaFiber™, our commercial sales team has done an amazing job in establishing our customer base and expanding sales to achieve another record breaking year.  I am very proud of our accomplishments.”

 

Chairman Commentary

 

Chairman and Senior Vice President Mr. Bill Smith says:

 

“BioNeutra and our lead product VitaFiber™ is now being recognized around the world as an important food additive to supplement the growing demand for healthier products.

 

Our Canadian production plant located in Edmonton, Alberta, which is soon to be certified, will not only supply product to Canada and the United States, but will also allow us to continue our research and development of many new and exciting products.  The background of BioNeutra’s scientific team will allow us to introduce to the world the qualities of our VitaFiber™ IMO and as an extension our new unannounced products.

 

This is an exciting time for our Company.”

 

About BioNeutra

 

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™ IMOs.  

 

The Company’s lead product, VitaFiber™, 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™ 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™ 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™ IMO.  The VitaFiber™ manufacturing process is based upon a natural enzymatic conversion of starch molecules without any chemical modification involved, making VitaFiber™ a natural food and beverage ingredient.  VitaFiber™ 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™ 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:

 

Mr. Bill Smith

Chairman & Senior Vice President

Tel: (780) 466-1481 (Ext. 117)

Email: bsmith@bioneutra.ca

 

Forward-Looking Information

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.