BioNeutral Group Receives $400,000 in Equity Financing
MORRISTOWN, N.J., Dec. 27, 2011 /PRNewswire/ -- BioNeutral Group, Inc. (OTCBB: BONU), a specialty life science technology-based company, today announced that it has received $400,000 in connection with the Preferred Stock Purchase Agreement (the "Agreement") with Vinfluence Pty Ltd ("Vinfluence"), New South Wales, Australia. Pursuant to the Agreement, BioNeutral Group, Inc. received $200,000 from the initial closing and a second funding of $200,000, both from the sale of Series C Convertible Preferred Stock. As per the Agreement the company will receive monthly funding of $200,000 for each of the next three months, for a total funding of $1M. Further details of the Preferred Stock Purchase Agreement can be found in our SEC filings.
Frank Battafarano, Chairman of the Board of BioNeutral Group, said, "We are pleased to have completed the closing with Vinfluence providing us with $400,000 in working capital. Our recent financing has provided us with the opportunity to develop and further enhance our relationships with both new and existing key vendors and suppliers. We look forward to our relationship with Vinfluence in 2012 providing us with access to additional equity-based financing helping us to further commercialize our products."
About BioNeutral Group, Inc.
Headquartered in Morristown New Jersey with lab facilities at the New Jersey Institute of Technology in Newark New Jersey, BioNeutral Group, Inc. is a specialty technology-based life-science company which has developed a technology platform that neutralizes harmful environmental contaminants, toxins and dangerous micro-organisms including bacteria, viruses, mold, fungi and spores. BioNeutral's products, Ygiene® and Ogiene®, kill germs and clean surfaces with a dramatic increase in speed and power over their rivals in the marketplace. BioNeutral's proprietary platform technology has been proven effective in surface, water and airborne applications. Its antimicrobial line of products under the Ygiene® brand have been approved by the EPA for sale in the United States and has previously been approved for sale in Germany and it is also permitted to be sold in the UK, France and Sweden. Auto Neutral is a registered trademark of BioNeutral Group, Inc. For more information on BioNeutral, including a listing of company products, leadership and background please visit www.bioneutral.com.
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Forward-Looking Statements: This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those described in the Company's filings with the Securities and Exchange Commission. BioNeutral routinely tests its formulations against those of its competitors. The results are published to let shareholders know how the Company's technology compares with known formulations in the market place. Any product claim for antimicrobial activity requires approval from the EPA or FDA, depending upon where and how the formulations are used. The EPA has approved and registered the Company's data and findings specific to Ygiene-206. BioNeutral's antimicrobial formulations will be marketed under the brand name Ygiene® and are available for sale in the United States.
SOURCE BioNeutral Group, Inc.