Naturally Splendid Update for Management Cease Trade Order
Naturally Splendid Enterprises Ltd. (OTC:NSPDF) has received approval for a temporary management cease trade order (MCTO) from the British Columbia and Alberta Securities Commission due to disclosure defaults. The MCTO will restrict trading by the CEO and CFO until required filings are completed, expected around June 30, 2022. However, the general public can still trade the company's securities. CFO George Ragogna confirmed ongoing efforts to meet the requirements and keep shareholders informed. Naturally Splendid specializes in plant-based foods and operates a certified manufacturing facility.
- Management cease trade order (MCTO) approval allows the company to address disclosure defaults.
- Expected to remedy the situation by filing required disclosures by June 30, 2022.
- Continued ability for the public to trade securities maintains liquidity.
- MCTO indicates ongoing compliance issues with continuous disclosure requirements.
VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company" ) (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) announces an update regarding the application to the British Columbia and Alberta Securities Commission to approve temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading securities by the Company by the Chief Executive Officer and Chief Financial Officer of the Corporation until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company's listed securities.
The Company has received approval from the British Columbia and Alberta Securities Commission and the Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or about June 30, 2022. The MCTO will be in effect until the Required Filings are filed.
The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP-12-203 if the Required Filings are outstanding.
Naturally Splendid CFO Mr. George Ragogna reports, "We are working towards completing the filing on or before the June 30th, 2022, deadline and will continue to update our shareholders of the status of the Audited financials periodically."
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) 570-0902
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 is the management cease trade order (MCTO) for Naturally Splendid (NSPDF)?
When is Naturally Splendid expected to file the required disclosures?
What does the approval of the MCTO mean for Naturally Splendid's stock (NSPDF)?
