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Marketwired
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BioNeutra Global Corporation Announces Financial Results for Year Ended December 31, 2015

EDMONTON, ALBERTA -- (Marketwired) -- 04/26/16 -- BioNeutra Global Corporation ("BioNeutra" or the "Company") (TSX VENTURE: BGA) is pleased to announce today its financial results for the year ended December 31, 2015 (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 Highlights

--  Sales for the fourth quarter and twelve-month period ended December 31,
    2015 were respectively $3,943,127 and $16,044,525 on gross margins of
    26% and 44%. The Company continues to focus on marketing and selling its
    VitaFiber™ products to food and beverage manufacturers, targeting
    functional and health food markets and growing retail sales for personal
    uses.

--  The Company's Adjusted EBITDA remains strong at $2,990,231 for the
    twelve-month period ended December 31, 2015 as compared with $2,558,746
    for the ten-month period ended December 31, 2014.

--  The Company's strong Adjusted EBITDA has had a very positive effect on
    the operational strength of its balance sheet. As at December 31, 2015,
    the Company had a cash balance of $1,625,412 and working capital of
    $6,759,777. This represents a significant increase over the working
    capital of $3,976,934 as at December 31, 2014.

--  On August 21, 2015, BioNeutra North America Inc., a wholly owned
    subsidiary of the Corporation, completed the purchase of a mixed-use
    manufacturing and office building in Edmonton, Alberta, Canada and
    intends to develop a commercial production line in this facility to
    produce functional food and beverage ingredients and products featuring
    IMO, using the Company's patented IMO production processes. This IMO
    production line represents the first of its kind in North America, and
    consequently BioNeutra will be the exclusive North American producer of
    IMO products featuring Health Canada and European EFSA approval and FDA
    GRAS certification. This facility also houses BioNeutra's corporate head
    office and global training centre, and will greatly expand its in-house
    research and development capabilities.

Year End Financial Results

Revenue

Total sales for the three-month period ended December 31, 2015 were $3,943,127 and $16,044,525 for the Year End, as compared with $4,031,678 for the three-month period ended December 31, 2014 and $13,060,336 for the ten-month period ended December 31, 2014.

The Company's strong sales are the result of continually increasing sales to major functional food and beverage manufacturers who in turn continue to experience significant growth in their own sales. In addition, the Company's customer base continues to grow as mainstream functional and health food and beverage manufacturers and pharmaceutical companies create new products incorporating VitaFiber™.

Gross Profit

The Company posted a gross profit of $1,008,993 for the three-month period ended December 31, 2015 and $7,048,640 for the Year End on gross margins of 26% and 44% respectively. This compares with gross profits and gross margins of $1,441,621 and 36% for the three-month period ended December 31, 2014 and $5,891,181 and 45% for the ten-month period ended December 31, 2014.

The Company's lower gross margin for the three-month period ended December 31, 2015 were attributed to: (1) U.S. currency exchange differences between estimated rates used during the year and the year end rate used for costs of goods sold valuation; and (2) volume discounts offered to large customers.

Net Income

The Company recorded a net income of $137,667 for the three-month period ended December 31, 2015 and a net income of $179,497 for the Year End, as compared with a net income of $309,916 for the three-month period ended December 31, 2014 and a net income of $4,258,670 for the ten-month period ended December 31, 2014.

The Company's level of net income for the Year End is a result of several significant non-cash expenses including:

--  a $744,896 non-cash share-based compensation expense;
--  a $733,861 non-cash deferred income tax expense; and
--  a $349,818 one-time non-cash sales and marketing expense payable to
    certain related parties.

In addition, the Company recorded a one-time professional fee expense in the amount of $616,903 related to the favorable resolution and settlement of legal matters with a third party concerning the Company's intellectual property.

The Company's strong Adjusted EBITDA has had a positive effect on the operational strength of its balance sheet. As at December 31, 2015, the Company increased its working capital to $6,759,777, representing significant increases over the working capital of $3,976,934 at December 31, 2014.

Financial Condition & Liquidity

At December 31, 2015, the Company had a working capital of $6,759,777. This represents a significant increase over the working capital of $3,976,934 at December 31, 2014.

Cash generated in operating activities during the twelve-month period ended December 31, 2015 was $481,504, as compared to cash of $1,174,456 generated for the ten-month period ended December 31, 2014.

The Company has a credit facility of $500,000 to assist with working capital needs that is due on demand, bears interest at prime plus 1.75% per annum and is secured by a general security agreement on all of the assets of the Company. As at December 31, 2015, the Company had not drawn on this credit facility.

As at December 31, 2015, the Company had very healthy working capital and management is confident that the increasing consumer demand for functional and health food product ingredients such as VitaFiber™ will not only result in recurring sales, but will continue to increase revenues and profitability for the Company. The Company is committed to having VitaFiber™ included in the development of new and healthy functional food products that the market and consumers are demanding from food manufacturers.

The increase in inventories to $6,270,570 at December 31, 2015, as compared to $2,529,428 at December 31, 2014, is the result of an investment by the Company to support the planned sales growth of VitaFiber™ in all of the Company's targeted geographical markets. Because the sales of VitaFiber™ occur on a global basis, the Company has stockpiled additional inventory in three additional warehouses to provide greater efficiency in both time and cost with respect to the delivery cycle of the product to satisfy customer requirements.

On August 21, 2015, BioNeutra North America Inc. completed the purchase of a mixed-use manufacturing and office building in Edmonton. The Company has moved its corporate head office and research and development operations into this property, and has commenced construction of an IMO production line. Management does not expect the cash or debt financing of this purchase to have material effects on the liquidity or cash flow of the Company.

Additionally, on July 15, 2015, the Company closed a private placement with a key strategic partner of 2,500,000 common shares at a price of $0.40 per common share for gross proceeds of $1,000,000. The proceeds of this private placement were for general working capital purposes.

Income Tax Recovery

During the three-month period ended December 31, 2015, the Company generated significant taxable income through its operations. However, as at December 31, 2015, the Company had Canadian tax losses with a tax benefit of $877,562. The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses.

Change in Year End and Comparison Period

Effective October 29, 2014, the Company completed the acquisition of BioNeutra North America Inc. and BioNeutra International Limited. The acquisition of BioNeutra North America Inc. was considered a reverse acquisition for accounting purposes, with BioNeutra North America Inc. identified as the acquirer. BioNeutra North America Inc.'s year-end was February 28, and as such the required comparison periods for the purpose of the audited consolidated financial statements are the twelve-month and ten-month periods ended December 31.

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 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 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.

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.

Contacts:
BioNeutra Global Corporation
Mr. Bill Smith
Chairman & Senior Vice President
Tel: (780) 466-1481 (Ext. 117)
Email: bsmith@bioneutra.ca

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