Edmonton, Alberta - (November 23, 2020) - BioNeutra Global Corporation (“BioNeutra” or the “Company”) (TSXV-BGA; OTCQB: BGACF) announces its financial results for Q3, 2020 and the first nine months of 2020 ended September 30, 2020 and the related Management’s Discussion and Analysis, the details of which have been filed and are available on SEDAR (System for Electronic Document Analysis and Retrieval. www.sedar.com
“While the COVID-19 pandemic has continued to hit the global economy in the third quarter very hard and we have not been immune, I am pleased to report that despite the challenges the team worked very hard to produce stable operating results and we were successful,” says President and CEO, Dr. Jianhua Zhu. He added, “While we had a small loss of $69,000 for the quarter, our adjusted EBITA was a positive $385,000.”
Dr. Zhu says “Continuing a trend we have seen throughout 2020, I am pleased we were able to reduce our total liabilities by over $7 million since the beginning of the year. At the same time our cash balance has increased to $2.5 million.
Dr. Zhu went on to say, “While the current pandemic situation introduces a great level of uncertainty, our team remains focused on generating cash flow and maintaining good liquidity. We are ready to face the challenges posed today, including having people work from home as necessary and we will be ready to capitalize on multiple opportunities in 2021 as a sense of optimism and normalcy returns.”
About BioNeutra
BioNeutra is an award-winning, sector-leading Canadian company in the business of research and development, production and commercialization of ingredients for nutraceutical, functional and mainstream foods and beverages with a focus on its lead product platform - VitaFiber® IMO.
VitaFiber® IMO is made using a patented process that naturally transforms starch molecules from agricultural crops such as pea or tapioca into healthy, functional molecules.
The VitaFiber manufacturing process is based upon a natural enzymatic conversion of the molecules without any chemical modification involved making VitaFiber® IMO a natural food and beverage ingredient.
BioNeutra owns and operates the only facility manufacturing IMOs in North America. VitaFiber® IMO has been approved for sale by the world’s top three health regulatory bodies – GRAS approved by the US Food & Drug Administration; the European Food Safety Authority and Health Canada (approved as a novel food ingredient). Additionally, VitaFiber® IMO has been approved as dietary fiber by Health Canada. VitaFiber® IMO is a naturally sweet, lower calorie alternative to sugar and is a natural source of dietary fiber and prebiotic for human digestive health. It is also helpful with weight management. VitaFiber® IMO 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 businesses as well as a number of high-profile food and beverage manufacturers on four continents.
Further information about BioNeutra is available on the Company’s website at www.bioneutra.ca and the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange / OTCQB, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange/ OTCQB) accepts responsibility for the adequacy or accuracy of this release.
For further information on BioNeutra, please contact:
Dr. Jianhua Zhu President and Chief Executive Officer Tel: (780) 466-1481 (Ext. 132) Email: jianhua.zhu@bioneutra.ca