10-Year Exclusive Manufacturing and Distribution Rights to Popular Plant Protein, Meat Alternative Line

VANCOUVER, BC / ACCESSWIRE / August 17, 2021 / Naturally Splendid Enterprises Ltd. ("Naturally Splendid", "NSE" or "the Company") (FRANKFURT:50N) (TSXV:NSP) (OTC PINK:NSPDF) is pleased to announce the signing of the Definitive Agreement with Flexitarian Foods Pty. Ltd., a division of Australia's largest plant-based manufacturer, to become the exclusive Canadian manufacturer and distributor for an extensive line of plant-based, meat-alternative products.

The exclusive manufacturing and distribution rights are for an initial 10-year term with a 10-yearrenewable term.

Natera Plant-Based Foods is currently offering 10 SKUs, including a Plant-Based Burger;Crispy Chick-Un Burger;Seasoned Chick-Un Tenders;Sweet Chili Chick-UnTenders; Chick-Un Nuggets;Crispy Chick-Un Cutlets(schnitzel); Crispy Fish-UnFilet; Garlic Chick-Un Kiev; Cheesy Chick-Un Bites and Garlicky Chick-Un Bites.

These existing SKUs, plus additional plant-based entrees, will be manufactured in Naturally Splendid's existing Safe Quality Food (SQF) certified manufacturing facility in Pitt Meadows, BC.

Manufacturing in Canada will have many advantages inherently built-in from the current importation model, including increased margins due to, reduced transport cost and optimizing inventorylevels with a ‘just in time order strategy', as well as incorporating Canadian-grown ingredients, thus optimizing supply chains.

The output capacity of this facility is designed to produce 8 to 10 tons of product per shift, per day. This output capacity brings a wide range of larger clients into play.

Capital costs associated with commissioning such a facility is drastically reduced by leveraging Naturally Splendid's existing SQF certified manufacturing facility. Manufacturing lines are being finalized and estimated to cost $800,000 CDN to purchase the required manufacturing equipment and retrofit the existing facility to accommodate manufacturing of these plant-based, meat alternative products.

Naturally Splendid has already begun the process of retrofitting its existing 20,000 square foot, SQF Certified food manufacturing facility. This facility will manufacture a wide range of plant-based alternatives for beef, chicken, pork, fish and shellfish under the guidance of Flexitarian Foods.

Flexitarian Foods is the manufacturer of the Plantein products in Australia. Managing Director of Plantein Mr. Evan Tsioukis states, "We have grown the Plantein brand to be one of the most popular plant-based choices in Australia and are excited with the opportunity to work with Naturally Splendid and the Natera brand, building business together incorporating the same strategy, philosophies and processing techniques that have made the Plantein brand a success in Australia."

As announced in previous news releases, the Company has developed a distribution network covering Canada coast to coast including CANEX Foods, Sysco, Gordon Food Service, Intercity Packers Meat and Seafood, Georgia Main Food Group, and others. This network of distributors provides access to thousands of clients across almost every distribution channel, including chain and independent retailstores and chain restaurants and individual locations.

Naturally Splendid Chief Executive Officer Mr. J. Craig Goodwin states: "We are more than pleased to execute this definitive agreement to be the exclusive Canadian manufacturer and distributor for this amazing line of plant-based entrees. The strategic move to become the exclusive manufacturer in addition to being the exclusive distributor, is pivotal for the Company. We believe the current variety of plant-based products that we will be manufacturing, as well as several new plant-based entrees that will be brought to market in a timely manner, creates a competitive edge when measured against the majority of plant-based manufacturers with a lessor selection. We look forward to delivering these delicious plant-based offerings to a broad range of food service and retail clients through our existing distribution network".

About Naturally SplendidEnterprises Ltd.

Founded in 2010, NSE operates a Safe QualityFood Level 2 certified food manufacturing facilityjust 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 HealthCanada 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, 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; the ability to complete the sales of all bulk hemp seed purchase orders; 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.

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; the ability to complete the sales of all bulk hemp seed purchase orders; 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 EXCHANGENOR ITS REGULATION SERVICES PROVIDER(AS THAT TERM IS DEFINEDIN THE POLICIES OF THE TSX VENTUREEXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: Naturally Splendid Enterprises Ltd.