Good Natured Products Inc. Announces CFO Transition

Rhea-AI Summary

Good Natured Products, a leader in eco-friendly food packaging and plant-based products, has named Kevin Leong as interim CFO, effective July 19, 2024. Leong succeeds Kerry Biggs, who is leaving to pursue other opportunities. Leong, who has been with the company since 2017 and served as CFO from 2021 to 2022, will guide the company through its restructuring process. CEO Paul Antoniadis highlighted Leong's history with the company and his role in past growth. The transition is aimed at ensuring successful sale and investment processes in the coming months.

Positive

• Kevin Leong's appointment as interim CFO provides continuity, as he has been with the company since 2017.
• Leong's previous experience as CFO and role in guiding the company through significant growth stages.
• The transition aims to facilitate a smooth restructuring process and successful sale and investment activities.

Negative

• Kerry Biggs, the outgoing CFO, is leaving the company after only 18 months in the role, which may indicate potential instability or dissatisfaction.

Vancouver, British Columbia--(Newsfile Corp. - July 2, 2024) - good natured Products Inc. (TSXV: GDNP) (OTCQX: GDNPF) (the "Company" or "good natured®"), a North American leader in eco-friendly food packaging, bio-based plastic extrusion and plant-based products, today announced that Kevin Leong has been appointed interim Chief Financial Officer. Mr. Leong succeeds Kerry Biggs, who will be leaving the Company to pursue other opportunities, effective July 19, 2024.

Mr. Leong has been part of the good natured® team since 2017 and served as the Company's CFO from 2021 to 2022 before announcing his retirement. He has remained in a part-time capacity to provide support to the Company's accounting and public reporting functions since that time. It is anticipated that Mr. Leong will serve in the interim CFO position through the recently announced restructuring process.

"Kevin has played a key role on our executive team over the years and guided us through tremendous growth from very early revenue stages through to scaled, international operations," stated Paul Antoniadis, CEO of good natured®. "Kevin's extensive history and knowledge of the Company will be instrumental in working with me and the Board to lead a successful sale and investment process in the coming months."

Paul added: "On behalf of the Board and myself, we would like to thank Kerry for his service over the last 18 months and wish him all the best in his future endeavors."

The good natured® corporate profile can be found at: goodnaturedproducts.com/pages/investor

About good natured Products Inc.
good natured® is at the forefront of North America's shift toward sustainability, showcasing over 90 plant-based packaging designs and an extensive portfolio of more than 400 products and services. These offerings are purposefully designed to reduce environmental impact by using more renewable materials, less fossil fuel, and eliminating chemicals of concern.

Manufactured locally in the US and Canada, good natured® engineers and distributes a diverse range of bio-based products across various sectors, including grocery, restaurant, electronics, automotive, and pharmaceutical via both wholesale and direct channels.

The Company is dedicated to providing an industry-leading customer experience in order to encourage the transition to renewable alternatives. By making it easy and affordable for businesses to adopt bio-based products and packaging, good natured® aims to empower them to reach their sustainability objectives.

For more information: goodnaturedproducts.com

On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
Contact: 1-604-566-8466

Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com

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

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could,", "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and the conditional. Specific forward-looking statements in this press release may include, but are not limited to, statements with respect to Mr. Leong's term as interim CFO, the future success, plans and objectives of the Company, and the successful sale and investment process of the Company and timing thereof.

By their nature, forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, future plans and strategies, projections, future market and operating conditions, supply conditions, end customer demand conditions, anticipated events and trends, general market conditions, the economy, financial conditions, sales volume and pricing, expenses and costs, all necessary court orders and approvals are obtained to permit the Company to implement its restructuring plans, and other future conditions which we believe are reasonable as of the current date. Important factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, but are not limited to: delay or failure to receive required approvals with respect to the Companies' Creditors Arrangement Act proceedings, future capital needs and uncertainty of additional financing, risks relating to general economic, market and business conditions and unforeseen delays in the realization of the Company's plans, risks related to the loss of key manufacturing equipment, capability or facilities, the performance of plant-based materials and the ability of the Company's products and packaging to meet significant technical requirements, changes in raw material supply and costs, labour availability and labour costs, fluctuations in operating results, and other related risks as more fully set out in the Annual Information Form dated April 29, 2024 of the Company and other documents disclosed under the Company's filings at www.sedarplus.ca. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

The Company considers its assumptions to be reasonable based on currently available information, but cautions the reader that its assumptions regarding future events, many of which are beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect the Company and its businesses. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

Other than as required under securities laws, the Company does not undertake to update this information at any particular time.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215272

FAQ

Who is the new interim CFO of Good Natured Products?

Kevin Leong has been appointed as the new interim CFO of Good Natured Products, effective July 19, 2024.

What is the stock symbol for Good Natured Products?

The stock symbol for Good Natured Products is GDNPF.

When is Kerry Biggs leaving Good Natured Products?

Kerry Biggs will be leaving Good Natured Products to pursue other opportunities, effective July 19, 2024.

Why was Kevin Leong chosen as the interim CFO?

Kevin Leong was chosen due to his extensive experience with Good Natured Products, having served as CFO from 2021 to 2022 and his role in guiding the company through significant growth.

What is the primary focus of Good Natured Products during this CFO transition?

The primary focus is on guiding the company through its restructuring process and ensuring a successful sale and investment process in the coming months.