Phoenix, Aug. 10, 2016 (GLOBE NEWSWIRE) -- / BioNovelus, Inc. (PINKSHEETS: ONOV) held a tele-conference with shareholders on August 8, 2016. We would like to thank all the shareholders who sent questions and who attended or tried to attend the conference call. We were overwhelmed by the number of calls which created technical glitches in the system. We apologize for the inconvenience and for the people who could not reconnect to the call due to system failure.
For those unable to make the call or for those unable to remain on the call, we are summarizing information we shared and announcing some additional news.
Corporate News and Clarification
As of June 30, 2016, BioNovelus Inc. had 89,907,304 outstanding shares of common stock including 13.2 million shares not held by affiliates.
In June 2015, BioNovelus Arizona (a private company that had existed already for three years) did a reverse merger, and acquired the “Firstin Wireless” Company (previously called “Passionate Pet”).
All the shares issued by “Firstin Wireless” were cancelled in June 2015 through a 750 to 1 reverse split that created 70 million restricted common shares in addition to 13.2 million shares for the float, for a total of 83,000,200 outstanding shares.
Despite contrary reports on the internet, BioNovelus has never been involved in any “pump and dump” scheme. All the founders and key employees still own all of their shares. We have not made any money in any of the transactions in the market.
As of today, the Company has about $50,000 in its bank account. The Company is in discussions to secure a “credit facility” from a financial institution for $350,000 to help the company in its process of bringing CR-10 to market. There is no assurance this will happen and is subject to reaching acceptable terms and other conditions.
We have analyzed the coffee rust market in detail and we know the five leading brands in coffee rust control. Management believes CR-10 will be competitive with the other products on the market, and also a more affordable option than planting GMO rust-resistant trees. We cannot give you an anticipated sales price for our product at this time, because we are still waiting for some specific test results such as the amount of yield and the quality of the Arabica coffee at harvest. This information will impact the sales price of CR-10.
We have convertible promissory notes in the amount of $154,000 on our financial statements which based on advice from counsel we are cancelling immediately as we believe they were not validly issued. Of course, we may face a potential claim for this cancellation of notes.
Management is targeting revenue by the end of 2016, but there is no assurance when revenue will occur. BioNovelus is in negotiation with three large distributors of agrochemicals in Mexico, Guatemala, and Costa Rica and they all are in the process of testing CR-10. Management cannot be certain as to if and when a distribution agreement will be executed with one or more parties. As soon as each country’s regulatory requirements are met, we expect to begin selling CR-10 in 2017. All of our distributors will need to test the product because they have already had experience with many companies promoting “miracle” products that actually do not control the rust effectively. As CR-10 is a brand new product, we are working with Coffee Trade Associations of each country because it is important to have the leading “authorities” certify the validity of the product.
We presently have in our inventory 4,000 liters to fulfill the first orders, and our manufacturing facility has a capacity to produce 1.02 million liters of CR-10 per year.
What is Driving BioNovelus?
We are socially responsible business that works for greater good of the planet and its inhabitant’s while seeking to return a profit for our services and efforts on behalf of our shareholders. This is a foundation in which our team has been built on for 5 years.
We believe that our technology has the ability to create 21st century solutions to problems from yesterday and today. Management’s compensation has been deferred for the last five years. All of the people on our team have chosen stock in the company as payment until revenue is sufficient to support our payroll.
About BioNovelus Inc.
BioNovelus Inc. (PINKSHEETS: ONOV) is a bioag company that honors the environment with an innovative, cost effective and disruptive technology-based solution to the problems.
BioNovelus’ primary target is the $100 Billion, annually, worldwide, coffee industry. Coffee Rust or ‘Roya” (Hemileia vastatrix), is a devastating fungus attacking the Arabica plant, currently, the coffee industry’s greatest threat. (Source: Business Insider)
Forward-looking statements are identified by words such as “anticipates”, “projects”, “expects”, “plans”, “intends”, “believes”, “estimates”, “targets”, and other similar expressions that indicate trends and future events.
Factors that could cause the Company’s results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company’s products and services, and other raw-material-price changes, general business and economic conditions beyond the Company’s control, timing of the completion and integration of acquisitions, the consequences of competitive facts in the marketplace including the ability to attract and retain customers, results of continuous improvement and other cost-containment strategies, and the Company’s success in attracting and retaining key personnel. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information, since these statements may no longer be accurate or timely.
For additional information: http://bionovelus.com
Please contact: Nathalie Ekobo Marketing & Communications Director BioNovelus, Inc. 275 North Gateway Drive Suite #130 Phoenix, AZ 85034 USA Skype: bionovelus.inc +1 602-888-3424 NEkobo@BioNovelus.com