Phoenix, May 26, 2017 (GLOBE NEWSWIRE) -- / BioNovelus, Inc. (ONOV), whose CR-10 Biofungicide is a non-toxic solution for safe and effective pre- and post-harvest applications, today announced that Chief Financial Officer Mark R. Johnson has left the Company to pursue other interests.
Effective immediately, Company founder and CEO Jean Ekobo will assume the role of interim CFO until a permanent successor to Mr. Johnson is named.
BioNovelus is part of the award-winning business incubator program at the Center for Entrepreneurial Innovation in Phoenix, Arizona.
“We are grateful for Mr. Johnson’s support and encouragement through the beginning of our incubation phase,” said Ekobo. “His wisdom and assistance with our financial statements have been greatly appreciated.”
About CR-10 Biofungicide and Disinfectant
CR-10 is a proven, biodegradable, non-toxic solution that kills most bacteria, fungi, and spores rapidly, safely and effectively. It is a new generation of biofungicide and biodisinfectant with a unique mode of action. BioNovelus management believes that CR-10 has a broad range of uses in crop protection before harvest, as well as post-harvest sanitation.
Coffee Rust Update
Phase I Testing in Guatemala Still Underway for Organic Coffee Rust-Fighting CR-10
In a press release dated February 27, 2017, the Company shared its positive results during the first round of testing done by Anacafé, the Guatemalan Coffee Association. This release revealed that important first steps had been taken towards the goal of showing CR-10 efficacy validation by Anacafé, something that would make successful marketing of the biodegradable and non-toxic product possible in the region.
To further clarify that release while Anacafé has not validated the biofungicide CR-10 for commercial sale, CR-10 has been approved to enter Phase II of Anacafé’s testing and the Company will provide further updates as this testing continues.
“Anacafé is an esteemed organization,” says BioNovelus CEO and President, Jean Ekobo. “Their potential validation means a great deal to us and having reached an agreement to continue pursuing the validation process with this institution is very good news.”
About CEI
The Center for Entrepreneurial Innovation (CEI), a comprehensive business incubator centrally located in Phoenix, Arizona, provides the services, space and support critical to the development of these early-stage and startup companies.
Forward-Looking Statements
This news release includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the fiscal year 2017 and beyond could differ materially from the Company's current expectations. 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 forward looking statements regarding the efficacy of the crop restoration and results of CR-10 and registration approval include the lack of capital needed to complete testing, the lack of experience with pursuing approval of this product and modifications and receipt of information that may be demanded by the registration of the CR-10 formula and the delays in the various government approval processes unrelated to the product itself. Factors that could cause lower rates of success in CR-10 eradication of fungi include the method and timing of applications of CR-10, the impact of heavy rainfall, the strength of fungi contamination, and other environmental conditions resulting in re-infection. Factors that may impact transactions with Mexican and Central American distributors include the alternatives of genetically modified crops, products of competitors, government approvals, and pricing.
There is no assurance of when registrations will be obtained for CR-10 and various applications. There is no assurance that the coffee rust application will prove commercially viable. There is no assurance that any transaction will be done with Mexican and Central American distributors.
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, general business and economic conditions beyond the Company's control the consequences of competitive factors 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 because of new information, since these statements may no longer be accurate or timely.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this press release, including, without limitation, statements regarding potential plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
For more information, contact http://bionovelus.com