Epicore BioNetworks Inc. Reports Results for Fiscal Year 2016

With lower earnings before tax, fiscal 2016 USA income tax expenses were significantly lower than fiscal 2015.  However, lower taxes did not offset lower gross profit and higher expenses so net income decreased by 10% from $1.24 million to $1.12 million.  Epicore still delivered its thirteenth consecutive year of profitable operation. Earnings per basic common share decreased to $0.04, as the following results (rounded to thousands of US dollars) show: 

Epicore continues to generate positive cash flows from operating activities with $1.9 million generated in fiscal 2016. Investment in infrastructure continued.  A new building was completed, which expands our production and warehouse area and utilizes adjacent land purchased in 2011.  Automated packaging equipment was acquired that will significantly shorten our production response to customer orders.  Cash at the end of the year was $3.5 million versus beginning cash of $2.3 million. With these funds, expected sales revenue growth and continued relatively low operating costs, management expects there will be sufficient cash to meet the fiscal year's financial requirements, to fund expansion of aquaculture and environmental remediation marketing efforts and to pursue new strategies for enhancing shareholder value. 

Our ISO 9001:2008 and Global GAP quality system certifications contributed to operational reliability. They position Epicore to be compliant with the US Food safety Modernization Act.

The financial statements of the company have been prepared in accordance with International Financial Reporting Standards.  Epicore BioNetworks Inc. is a public corporation with a registered office in Calgary, Alberta, Canada and with shares listed on the TSX Venture Exchange (symbol EBN).  [Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]

This press release contains forward-looking statements that involve significant risks and uncertainties.  The actual results, performance or achievements of the company might differ materially from the results, performance or achievements of the company expressed or implied by such forward-looking statements.  Such forward-looking statements include, without limitation, those regarding the future growth of the Company, expected improvements in the quality and reliability of manufacturing operations, acceleration of the Company's penetration into new business areas, the development plans of the company, the expected timing and results of such development and the expectation by management that there will be sufficient cash to meet the fiscal year's financial requirements and to fund expansion of aquaculture and environmental remediation marketing efforts and to pursue new strategies for enhancing shareholder value.  We can provide no assurance that such development will proceed as currently anticipated, that the expected timing or results of such development will be realized or that the company will be able to generate sufficient cash to meet its obligations.  We are subject to various risks, including the uncertainties of product development, markets for our products and regulatory review, our need for additional capital to fund our operations, our reliance on collaborative partners, our history of losses, and other risks inherent in the biotechnology industry.

SOURCE Epicore BioNetworks Inc.