Naturally Splendid Enterprises (NSP.V) announced today that it has purchased a state-of-the-art, automated packaging system capable of packaging a wide variety of food products in multiple formats.
“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…,” commented Company chief executive officer, J. Craig Goodwin.
The Company’s latest announcement comes on the heels of a Letter of Intent (LOI) signing with Flexitarian Foods, a division of Australia’s largest plant-based food manufacturer. In accordance with the LOI, Naturally Splendid will become the exclusive Canadian manufacturer of plant-based, meat-replacement products for Flexitarian Foods. With this in mind, Naturally Splendid’s new packaging system will enhance the Company’s packaging capabilities by providing additional packaging options. In turn, this is expected to increase the range of finished goods for retails and foodservice distribution opportunities for Naturally Splendid.
Currently, Naturally Splendid has an array of new products and line extensions underway that are approaching launch. The Company’s most recent automated packaging system is but one of many upgrades shareholders can expect to see completed in the near future. The packaging line will be installed at Naturally Splendid’s 20,000-square-foot, safe quality food-certified manufacturing facility in Pitt Meadows, BC, and is expected to be fully operational within six to eight weeks. In addition to packaging the Company’s popular NATERA Plant Based Foods products, this new line will also be utilized for packaging Naturally Splendid’s existing products, such as its plant-based bars and bites.
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,” continued Mr. Goodwin.
Naturally Splendid has also announced today that its board of directors has approved the settlement of $255,225.11 in debt through the issuance of common shares. Pursuant to the debt settlement, the Company will issue a total of 3,646,071 common shares at a price of seven cents per share to certain creditors of the company.
Naturally Splendid’s share price opened at $0.055, down from a previous close of $0.06. The Company’s shares are down -8.33% and are currently trading at $0.055 as of 12:28PM ET.