Naturally Splendid Purchases Packaging Line and Announces Shares for Debt Transaction

Rhea-AI Summary

Naturally Splendid Enterprises Ltd. announced the purchase of a new automated packaging system for its facility in Pitt Meadows, BC, set to be operational within 6-8 weeks. This system will enhance packaging capabilities for both existing products and the upcoming NATERA Plant Based Foods line, which includes plant-based meat alternatives. Additionally, the company has approved a $255,225.11 debt settlement through the issuance of 3,646,071 shares at $0.07 per share, impacting shareholder equity. The company's strategic initiatives aim to expand product offerings and market reach.

Positive

• Acquisition of an automated packaging system expected to enhance operational efficiency.
• Increased range of products and packaging options for retail and foodservice clients.
• Signing of a Letter of Intent to manufacture plant-based products for Flexitarian Foods, expanding market opportunities.

Negative

• Debt settlement through share issuance may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / June 18, 2021 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company") (FRANKFURT:50N) (TSX-V:NSP) (OTC PINK:NSPDF) is pleased to announce the purchase of a state of the art, automated packaging system capable of packaging a wide variety of food products in multiple formats.

The packaging line has been ordered and will be installed in the Company's 20,000 square foot, Safe Quality Food (SQF) certified food manufacturing facility in Pitt Meadows, BC. The system is expected to be fully operational within 6-8 weeks.

This packaging system was selected for the array of products and packaging types it is designed to process and will be an integral component to packaging NATERA Plant Based Foods. The line will also be utilized for packaging existing products manufactured at the facility including our lines of plant-based bars and bites.

The Company recently announced signing a Letter of Intent (LOI) to be the exclusive Canadian manufacturer of plant-based, meat-replacement products for Flexitarian Foods, a division of Australia's largest plant-based food manufacturer. This enhanced packaging capability provides the ability to take an already extensive line of products, and through additional packaging options, increase the range of finished goods for retail and foodservice distribution opportunities.

Company CEO, Mr. J. Craig Goodwin reports, "Adding this packaging line immediately increases the range of products and services we can offer retail and foodservice clients. The strategy to leverage the resources of our existing facility and experienced production team by adding additional equipment specific to the production of NATERA Plant Based Foods, is being executed. The manufacturing lines to produce the plant-based product lines have been specified, and we will begin the systematic process of ordering, installing, and commissioning these lines once the definitive agreement with Flexitarian Foods is completed. This facility will be capable of manufacturing a wide range of plant-based alternatives for beef, chicken, pork, fish and shellfish once completed. We look forward to providing timely updates as these initiatives develop".

Shares For Debt Transaction

The Company announced today that its board of directors has approved the settlement of $255,225.11 in debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company will issue a total of 3,646,071 common shares of the Company at a price of $0.07 per share to certain creditors of the Company, including certain directors and officers of the Company (collectively, the "Creditors"). All 3,646,071 common shares will be subject to a hold period expiring four months and one day from the date of issuance.

About Naturally Splendid Enterprises Ltd.

Founded in 2010, NSE operates a Safe Quality Food Level 2 certified food manufacturing facility just outside Vancouver, BC in Canada. The Company has established numerous healthy, functional foods under recognized brands such as Natera Sport™, Natera Hemp Foods, CHII, Elevate Me™ and Woods Wild Bar™, and most recently Natera Plant Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment.

The Company has a myriad of new products and line extensions under development that are approaching launch. NSE, through its joint venture Plasm Pharmaceutical, has been approved for conducting a phase 2 clinical trial approved by Health Canada for treatment of COVID-19.

NSE has also developed proprietary technologies for the extraction of high-demand, healthy omega 3 and 6 oils from hemp.

NSE contract manufacturers for healthy, functional food products and ingredients focusing on plant-based ingredients. The Company provides contract manufacturing services for many healthy food companies, private labeling a wide variety of nutritional food products destined for global healthy food markets.

For more information e-mail info@naturallysplendid.com or call Investor Relations at 604-465-0548 (ext.105)

On Behalf of the Board of Directors

Mr. J. Craig Goodwin
CEO, 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.

View source version on accesswire.com:
https://www.accesswire.com/652260/Naturally-Splendid-Purchases-Packaging-Line-and-Announces-Shares-for-Debt-Transaction

FAQ

What is Naturally Splendid Enterprises Ltd.'s recent announcement regarding packaging?

Naturally Splendid announced the purchase of an automated packaging system to enhance packaging capabilities for their products.

How will the new packaging system benefit Naturally Splendid Enterprises?

The new system will allow Naturally Splendid to package a wider variety of food products and improve efficiency in their operations.

What is the debt settlement amount announced by Naturally Splendid?

Naturally Splendid announced a debt settlement of $255,225.11 through the issuance of common shares.

How does the debt settlement affect Naturally Splendid shareholders?

The debt settlement involves issuing new shares, which may dilute existing shareholder value.

What products will the new packaging line support for Naturally Splendid?

The packaging line will support NATERA Plant Based Foods and existing products such as plant-based bars and bites.