TORONTO, ON / ACCESSWIRE / August 5, 2016 / The Canadian Bioceutical Corporation ("BCC" or the "Company") (TSX Venture Exchange: BCC) (OTC: CBICF) announces today its financial results for the year ended March 31, 2016.
For the year ended March 31, 2016, the Company incurred a net loss of $2,896,736 versus a net loss of $725,839 for the year ended March 31, 2015. Audited Financial Statements and the related MD&A are available under BCC's corporate profile at www.sedar.com.
The reported net loss includes a write down of goodwill and intangibles in the amount of $1,177,166 accumulated over several years and the recognition of a lease inducement expense in the amount of $557,509 in respect of the property lease in Owen Sound Ontario. The terms of that lease are currently under friendly renegotiation with the landlord. Details are available in the MD&A.
"We continue a strategy to become a significant player in the bourgeoning medical marijuana industry, both through our Health Canada application as well as through potential acquisitions in the United States," notes Scott Boyes, CEO.
The Company is continuing with its efforts to complete the acquisition announced in its press release on January 25, 2016 and while the successful completion of the transaction remains possible, significant obstacles remain that could delay or prevent a successful closing, including the finalization of adequate funding on terms and conditions satisfactory to BCC and the negotiation of a Purchase Agreement and other related documentation agreeable to both the Sellers and BCC.
About The Canadian Bioceutical Corporation
BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that, for over two decades has been developing unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and over-the-counter products fail to meet the needs of patients. BCC has targeted markets having clearly identified product deficiencies and dissatisfied consumers afflicted with a variety of medical conditions. BCC obtains regulatory approval and patents for these unique compounds and formulations and may produce and distribute or license its products for royalty revenues.
BCC's principal brands are CinG-X™, Reliéva™, and Psorberine™ and FertaMax™. Additionally BCC, through its wholly-owned subsidiary BioCannabis Products Ltd. and, subsequent to receiving its MMPR license from Health Canada and as part of its planned expansion into the U.S. medical marijuana sector, intends to develop and market a series of new cannabis-based branded medicinal products to address this rapidly-evolving market.
Investors should be aware that companies cannot legally conduct a medical marijuana business in Canada without a license from Health Canada and that there is significant time and cost required to obtain such a license. As a publicly-traded company publicizing its intention to enter the medical marijuana industry, BCC urges potential investors in any company in this sector, to become familiar with the required resources and the related risks, costs implications and time required before a company will be able to begin licensed operations. There is no assurance that any company announcing its intent to enter the medical marijuana industry will be successful in obtaining a license or in creating shareholder value.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
For further information please contact:
Scott Boyes, President and CEO, The Canadian Bioceutical Corporation
[email protected]
(416) 840-4703
SOURCE: The Canadian Bioceutical Corporation