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Sunora Foods Quarter 1 Financial Results and Declares Annual Dividend

Tickers: XTSX:SNF
Tags: #Food&Beverage

May 30, 2019 / TheNewswire / CALGARY, ALBERTA. Sunora Foods Inc. (the "Corporation") (TSX-V: SNF) announces the filing of its financial statements and management discussion and analysis for the fiscal period ending March 31, 2019. These filings are available for review on SEDAR and the Corporation's website. The Corporation also announces the declaration of a dividend in the amount of $0.0035 per common share, in keeping with approval given by the Board of Directors at its meeting on April 29, 2019. This dividend will have a record date of June 30, 2019 and will be paid annually.

Future annual dividends will depend on the Corporation's financial results and cash requirements and other items deemed material by the Board of Directors.

During the fiscal period ended March 31, 2019 Sunora's highlights include the following:

Revenue of $2,631,582 for Q1 2019 versus revenue of $3,936,012 for the comparable Q1 2018 fiscal period;

Gross Margin of $190,424 for Q1 2019 versus gross margin of $281,762 for the comparable Q1 2018 fiscal period;

Net Income of $16,560 for Q1 2019 versus net income of $106,130 for the comparable Q1 2018 fiscal period;

Cash and Cash Equivalents of $3,663,311 for the period ending March 31, 2019 vs. Cash and Cash Equivalents of $3,118,936 for the comparable Q1 2018 fiscal period;

Additional steps forward with the MCT carrier oil business;

Re-purchase of 122,000 shares in Q1 2019 under the Corporation's Normal Course Issuer Bid.

Financial Highlights

Period ending March 31, 2019

Sales $2,631,582

Gross Margin $190,424

Income before Taxes $12,651

Net Income $16,560

Earnings Per Share $0.000

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, please contact:

Dean Stuart

Investor Relations

T: (403) 617-7609

E: dean@boardmarker.net

Steve Bank

Chief Executive Officer and President

T: (403) 247-8300

E: steve.bank@sunora.com

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.

Copyright (c) 2019 TheNewswire - All rights reserved.

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