(via Thenewswire.ca)
CALGARY, ALBERTA. / TheNewswire / April 30, 2015 - Sunora Foods Inc. ("Sunora" or the "Corporation") (TSX Venture: SNF) is pleased to announce the filing of its financial statements and management discussion and analysis for the fiscal year ending December 31, 2014. These filings are available for review on Sedar.
During the fiscal year ended December 31, 2014 Sunora's highlights include the following:
-Increased international shipments to China and other countries in Asia.
-Registration of the Sunora brand in China to support our marketing efforts in China.
-Registration of the Orilia brand in Indonesia to support marketing in Indonesia.
-Significant increase in international sales to Cdn $2,554,547, the largest international sales amount in the Corporation's history.
-Marketing agreement with Market2Market to sell food oil products into the Pacific Northwest.
-Increased sales to South Korea.
-Appointment of Mr. Ali Chatur to the position of Chief Financial Officer.
-Appointment of Ms. Anna Lynn Staples to the position of Corporate Secretary.
-Appointment of Mr. Alan Chan to the Board of Directors.
Summary of Financial Results
Period ended December 31, 2014 | |
Sales | $13,235,038 |
Gross Margin | $932,047 |
Income before Taxes | $308,610 |
Net Income | $189,073 |
Earnings per Shares | $0.0045 |
President Steve Bank states; "We are extremely pleased to return to profitablity in the most recent fiscal year, and continue to identify new regions with strong demand for high quality Canadian food oil products. Increased orders have been received from areas in Asia, and other parts of the globe. In addition, our registration with the Canola Council of Canada under canola oil Packagers and Exporters gives the Corporation increased visibility for potential orders. We also have recently added a Chinese component to our corporate website, which allows Chinese speaking customers to evaluate our products in their own language."
Sunora also announces that effective April 16, 2015, it has continued from the Province of Ontario to the Province of Alberta (the "Continuance") pursuant to a special resolution passed by shareholders of the Corporation at the annual and special meeting of shareholders held on December 11, 2014. Further details of the Continuance are set out in the Corporation's Management Information Circular dated November 12, 2014 filed under the Corporation's profile on SEDAR at www.sedar.com.
About Sunora Foods
Sunora Foods is a Calgary, Alberta based food oil entity trading and supplying canola oil, corn oil, soybean oil, olive oil, and specialty oils in Canada and internationally under the "Sunora", "Sunera" and numerous private label brands.
For further information
Dean Stuart
Investor Relations
T: 403 517 2270
Steve Bank
Chief Executive Officer and President
T: 403 247 8300
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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