Vancouver, British Columbia–(Newsfile Corp. – April 14, 2023) –Naturally Splendid Enterprises Ltd. (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) (the “Company”) announces that it has made an application to the British Columbia and Alberta Securities Commission to approve a temporary management case 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 Interim Chief Financial Officer of the Company 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 MCTO application has been made but there is not 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 financial year ended December 31, 2022, and the related management’s discussion and analysis and Interim Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the “Required Filings”) before June 30, 2023, the filing deadline (the “Filing Deadline”).
The Company’s failure to file its Required Filings by the Filing Deadline is due in part to the Company lacking the resources to complete the audit of the financial statements for the financial year ended December 31, 2022 and the related management’s discussion and analysis, while liquidating certain manufacturing equipment no longer required and proceeding with a strategic restructuring of operations as previously announced.
The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or about June 30, 2023. The MCTO will be in effect until the Required Filings are filed.
During this MCTO, all management, officers and directors of the Company will be prohibited from trading in the Company’s securities pursuant to the Company’s black-out procedures. Naturally Splendid CEO Mr. J. Craig Goodwin reports, “We are working towards completing the filing on or before the June 30th, 2023, 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 Company that distributes nutritious and delicious plant-based products.
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..
The Company launched Plantein™ Plant-Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market. The Company’s history includes launching, functional foods under brands such as Natera Sport, Natera Hemp Foods, CHII™ and Elevate Me™. NSE has also developed proprietary technologies for the extraction of healthy omega 3 and 6 oils, as well as a protein concentrate from hemp. For more information e-mail [email protected] or call Investor Relations at 604-673-9573 ext. 105
On Behalf of the Board of Directors
Mr. J. Craig Goodwin
Naturally Splendid Enterprises Ltd.
(NSP – TSX Venture; NSPDF – OTCQB; 50N – Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 570-0902
E-mail: [email protected]
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 complete all or any of the proposed private placement financing, 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; 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.
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