2022-04-14 | TSXV: DK | Press release

VANCOUVER, BC / ACCESSWIRE / April 14, 2022 / Naturally Splendid Enterprises Ltd. (“Naturally Splendid” or “NSE” or the “Company”) (FRA:50N)(TSX-V:NSP)(OTC PINK:NSPDF) announces that it has filed an application with the British Columbia and Alberta Securities Commission to approve a temporary management cease trade order (“OCCM”) under National Policy 12-203 Cease Trade Orders for Continuing Disclosure Failures (“NP 12-203“), which, if granted, will prohibit trading in securities by the Company by the Company’s Chief Executive Officer and Chief Financial Officer until the Required Filings (defined below) and all Requirements Continuous Disclosure Statements have been filed by the Company, and the MCTO has been lifted. During the term of the MCTO, the general public, who are not insiders of the Company, will continue to be able to trade in the listed securities of the Company The request for MCTO has been made but there is no guarantee or assurance that the MCTO will be granted.

The Company expects that it will be unable to file its audited financial statements for the year ended December 31, 2021, together with the MD&A and CEO and CEO certificates. financial management for that period (collectively, the “Required Filings”) prior to the filing deadline of May 2, 2022 (the “Filing Deadline”).

The company’s failure to file its required documents by the filing deadline is due to a combination of factors, including the recent resignation of the company’s former auditor, Smythe LLP, on December 13, 2021.

The Company anticipates that it will be able to remedy the default by filing the required documents on or about June 30, 2022. The OCTM will be effective until the required documents are filed.

The Company intends to satisfy the provision of the alternative disclosure guidelines set forth in Sections 9 and 10 of NP-12-203 as long as the required filings are in progress.

Naturally Splendid’s Chief Financial Officer, Mr. George Ragogna said, “It has been a progressive first forty-five (45) days as Naturally Splendid’s Chief Financial Officer. In my first month and a half as As Chief Financial Officer, I have completed reviews of financial information systems, ongoing operations, as well as building up the capital necessary to accommodate the manufacturing of our extensive line of herbal starters. initial, senior management will implement strategic plans to maximize shareholder value.

The company continues to advance its plant-based manufacturing and distribution business by recently expanding its agreement with Flexitarian Foods Pty. Ltd., a division of Australia’s largest plant-based foods manufacturer, which was the exclusive manufacturer and distributor in Canada to now include exclusive products rights to the Plantein trademark in Canada (News Release April 12, 2022 ). The Plantein brand, originally established in Australia, is now exported to regions of the European Union (EU), United Arab Emirates (UAE) and now across Canada.

Naturally Splendid’s Chief Financial Officer, Mr. George Ragogna, says: “While our primary business strategy continues to be focused on manufacturing factory-based starters, including the construction of new manufacturing lines and packaging, it is fiscally prudent to conduct a review and analysis of I am pleased to report that with the involvement of senior management, we have identified significant savings in monthly overhead, including a downsizing, a reduction in some services as well as the implementation of operational efficiencies we are careful with our overhead and capital expenditures while growing our herbal appetizers business and look forward to delivering timely updates”.

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 staples.

Founded in 2010, the company operates a Safe Quality Food Level 2 certified food manufacturing facility located just outside of Vancouver, British Columbia, Canada, which focuses on producing a wide range of herbal starters.

Naturally Splendid has an exclusive 10-year manufacturing and distribution agreement for Canada with a division of Australia’s largest plant-based foods manufacturer, Flexitarian Foods Pty. ltd.

In addition to producing the company’s branded products, Naturally Splendid provides contract manufacturing and private labeling services for a variety of plant-based nutritional food products for multiple distribution channels.

The company has established healthy and 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 has a relationship with Plasm Pharmaceutical, a company that has been approved to conduct a Health Canada-approved Phase 2 clinical trial 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

MJ Craig Goodwin

director president

Contact information

Naturally Splendid Enterprises Ltd.

(NSP – TSX Venture; NSPDF – OTC PINK; 50N Frankfurt)

#108-19100 Airport Lane

Pitt Meadows, BC, V3Y 0E2

Office: (604) 465-0548

Fax: (604) 465-1128

Email: [email protected]

Website: www.naturallysplendid.com

Forward-looking statements

The information in this press release contains forward-looking statements based on assumptions as of the date of this press 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 important factors, many of which are beyond Naturally Splendid’s control, including Naturally Splendid’s ability to compete with major food companies. and drinks; sales of any potential product developed will be profitable; sales of hulled hemp seeds will continue at current rates or increase; customers will complete sales contracts; and the risk that any of the potential applications will not receive all required regulatory or legal approvals. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, Naturally Splendid undertakes no obligation to publicly update or revise any forward-looking information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE .

THE SOURCE: Naturally Splendid Enterprises Ltd.

See the source version on accesswire.com:

https://www.accesswire.com/697608/Naturally-Splendid-Announces-Application-for-Management-Cease-Trade-Order