Naturally Splendid Announces Revocation of Management Cease Trade Order
Naturally Splendid Enterprises Ltd. (OTC PINK:NSPDF) has announced the revocation of a management cease trading order (MCTO) issued by the British Columbia Securities Commission. The MCTO was initially requested due to the inability to file annual financial statements by the deadline. The required financial documents for 2021 and Q1 2022 were filed, allowing trading restrictions to be lifted. CFO George Ragogna noted a focus on strategic plans and manufacturing plant-based products despite some delays in equipment.
- Revocation of MCTO allows trading to resume for insiders, enhancing liquidity.
- Successful filing of 2021 Year-End and Q1 2022 financial statements, restoring investor confidence.
- Strategic focus on expanding retail and food service opportunities.
- Delays in receiving manufacturing equipment could hinder production timelines.
- Initial MCTO may have raised concerns about the company's financial stability.
VANCOUVER, BC / ACCESSWIRE / July 13, 2022 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company") (FRANKFURT:50N) (TSX-V:NSP) (OTC PINK:NSPDF) is reporting that it has received an order from the British Columbia Securities Commission ("BCSC") revoking the management cease trading order ("MCTO") issued by the BCSC.
On April 14, 2022, the Company announced that it had applied to the BCSC for a management cease trade order ("MCTO") on the basis that the Company would be unable to file its annual financial statements and management discussion and analysis for the year ended Dec. 31, 2021, by the applicable filing deadline. The BCSC issued the requested MCTO on May 3, 2022, restricting all trading in securities of the Company, whether direct or indirect, by insiders of the Company in management.
The BCSC has revoked the MCTO as the Company's audited financial statements and management discussion and analysis for the 12 months ended December 31, 2021, and its interim financial statements for the period ended March 31, 2022, were filed with the BCSC on, respectively, June 30, 2022, and July 8, 2022.
Naturally Splendid CFO Mr. George Ragogna states, "Now that we have completed our 2021 Year-End and Q1 2022 filings, the focus is on executing our strategic plan. The Company continues to follow up on the numerous inquiries for retail and food service opportunities generated from recently attended trade shows. Although there have been delays in receiving certain manufacturing equipment, the Company continues repurposing our existing food manufacturing facility to accommodate manufacturing our meatless plant-based entrees. We look forward to providing further updates in a timely manner."
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a plant-based food manufacturing and technology company that produces and distributes nutritious and delicious plant-based commodity products.
Founded in 2010, the Company operates a Safe Quality Food Level 2 certified food manufacturing facility located just outside Vancouver, BC in Canada, focusing on producing an extensive range of plant-based entrees.
Naturally Splendid has an exclusive 10-year manufacturing and distribution agreement for Canada with a division of Australia's largest plant-based food manufacturer, Flexitarian Foods Pty. Ltd.
In addition to producing the Company's own branded products, Naturally Splendid provides contract manufacturing services and private labeling for a variety of nutritional plant-based food products destined for multiple distribution channels.
The Company has established healthy, functional foods under brands such as Natera Sport™, Natera Hemp Foods™, CHII™, Elevate Me™ and Woods Wild Bar™. The Company launched Natera Plant Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment.
Naturally Splendid maintains a relationship Plasm Pharmaceutical, a company that has been approved for conducting a phase 2 clinical trial approved by Health Canada for the treatment of COVID-19.
NSE has also developed proprietary technologies for the extraction of healthy omega 3 and 6 oils, as well as a protein concentrate from hemp.
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
President, Director
Contact Information
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128
E-mail: info@naturallysplendid.com
Website: www.naturallysplendid.com
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Naturally Splendid cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Naturally Splendid's control including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; customers will complete on sales contracts; and the risk that any of the potential applications may not receive all required regulatory or legal approval. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Naturally Splendid undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Naturally Splendid Enterprises Ltd.
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FAQ
What was the reason for the management cease trading order for Naturally Splendid (NSPDF)?
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