Very Sketchy "Purchase" The company issued a statement: https://bioneutra.ca/wp-content/uploads/2019/12/20191202-CFO-appointment-and-BHK-V3..pdf
The statement reports that the company bought BioNeutra HK Limited. "The Company has acquired BioNeutra HK Limited...as a base to expand the Company’s business into Hong Kong and other major metropolitan markets in Asia." and "BioNeutra HK had not conducted any material business prior to this transaction."
Why make this deal? Why make this "purchase" when the company is bleeding money? IMO is readily available all across Asia and the manufacturers over there produce it at a rate that is four to six times cheaper than what it costs to make in Edmonton. So why try and compete in markets that are aready dominated by established and very well connected IMO manufacturers? Why acquire a company that has never made a sale in its three plus years of existence?
You see, the only reason the company purchased BioNeutra HK Limited was to pay off "friends". BioNeutra HK, formerly known as the Canada Asia Synergy Group (the name was changed in Hong Kong last September), is loaded with company directors, investors and other "friends". Take a look at the following webpages and connect the dots for yourself...
How do investors feel about the CEO using the company to do favours for his "friends"? How do investors feel knowing that the company's Executive Chair is a partner at BioNeutra HK Limited/Canada Asia Synergy Group?