The Canadian Bioceutical Corporation Announces Management Changes

TORONTO, ON / ACCESSWIRE / December 7, 2016 / The Canadian Bioceutical Corporation (the "Company" or "BCC") (TSX Venture Exchange: BCC; OTC PINK: CBICF) announces today that Randall (Randy) Stafford has been named Chief Financial Officer, replacing Donald Stott, effective December 1, 2016.

In a career spanning over three decades, Mr. Stafford has held a variety of senior financial and operational positions and has a deep understanding of the interplay between finance and commercial development. Prior to joining BCC, he served as Vice President of Finance at Cushman & Wakefield Canada, a large international service provider to the commercial real estate sector. While at Cushman & Wakefield, he played a key role in the Company's strategic planning and budgeting and the overall management of financial and operational functions. He served as Director of Operations and Fulfillment at First Canadian Title, and worked for companies such as SmartCentres, Canada's largest developer and operator of shopping centres, Newcourt Credit Group, and as National Operations Manager at Transamerica Commercial Finance, Canada. Mr. Stafford is a Chartered Professional Accountant and has an MBA from the University of Toronto's Rotman School of Management.

Marylin Bloovol, Chairman of the Board of Directors, said, "I would like to express my appreciation and personal gratitude for Don's contribution to the Company through its transitional phase and I am very pleased to welcome Randy to our team."

BCC is also pleased to announce the appointment of Jonathan Chu as its Vice President of Finance and Accounting. Mr. Chu has a strong track record in financial management, having held various senior positions, such as Acting Chief Financial Officer at EnerGulf Resources, Senior Financial Analyst at Marrelli Support Services, and a Senior Staff Accountant at Resnick & Company, LLP. Jonathan has a Bachelor of Commerce Degree from McGill University and is a Chartered Professional Accountant.

Scott Boyes, CEO, added, "We are very pleased having been able to attract people of Randy's and Jonathan's caliber to join our management team in what we believe will be a very exciting period in the Company's development. They bring further depth and breadth to our management team and will play a key role in the implementation of our growth strategy."

Both Mr. Stafford and Mr. Chu will be based in BCC's Toronto offices.

About The Canadian Bioceutical Corporation

BCC, formerly Allegiance Equity Corporation, is an Ontario corporation that, for over two decades, has been developing unique standardized mass-market nutraceutical products for the treatment of common ailments where present pharmaceutical treatments and over-the-counter products fail to meet the needs of patients.

Additionally BCC, through its wholly-owned subsidiary BioCannabis Products Ltd., and subsequent to receiving its MMPR license from Health Canada, and as part of its planned expansion into the U.S. medical marijuana sector, intends to develop and market a series of new cannabis-based branded medicinal products to address this rapidly-evolving market.

Most recently, BCC has been actively pursuing its strategy to acquire and grow businesses that manage the operations of medical cannabis enterprises and the development of cannabis-based medicines in the United States.

Investors should be aware that companies cannot legally conduct a medical marijuana business in Canada without a license from Health Canada and that there is significant time and cost required to obtain such a license. As a publicly-traded company publicizing its intention to enter the medical marijuana industry, BCC urges potential investors in any company in this sector to become familiar with the required resources and the related risks, costs implications, and time required before a company will be able to begin licensed operations. There is no assurance that any company announcing its intent to enter the medical marijuana industry will be successful in obtaining a license or in creating shareholder value.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the Transaction and BCC's objectives and intentions. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in BCC's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although BCC believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, BCC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.

For further information please contact:

Scott Boyes, President and CEO, The Canadian Bioceutical Corporation
scott@canadianbioceutical.com
(416) 840-4703

SOURCE: The Canadian Bioceutical Corporation