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Naturally Splendid Enterprises Appoints Interim CEO

January 3, 2018

 

VANCOUVER, British Columbia / TheNewswire / January 3, 2018 -- Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE") (TSXV:NSP) (OTC:NSPDF) (FRA:50N) is pleased to announce that Mr. Douglas Mason has accepted the position of Interim CEO. The Board of Naturally Splendid Enterprises Ltd. welcomes his experience, including 20 years as President and CEO of well-known beverage companies including Jolt Cola and Clearly Canadian Beverage Corporation where Mr. Mason built a reputation for product innovation.

 

Naturally Splendid's current CEO, Mr. Dave Eto, has resigned his position as CEO and Director as of January 1, 2018 and will be joining Naturally Splendid's Advisory Board. The Board of Directors would like to thank Dave for his efforts this past year. Under Dave's leadership, the Company has instilled the necessary business fundamentals to lay the ground work for rapid growth. The Board of Directors and Senior Management look forward to working with Dave in his role as an Advisory Board Member.

 

Mr. Dave Eto states, "Effective Jan 1, 2018, I will be transitioning from my role as CEO and Director of NSE and continue as an active member on the NSE Advisory Board. This past year has been filled with much learning, progress and success as the foundations of a solid business have been developed. NSE has expanded operations from a bulk hemp seed distributor to a multi-faceted biotech and ingredient company with a strong branded Consumer Products & Goods presence."

 

The accomplishments of the company include:

 

- Naturally Splendid successfully completed the Prosnack / Elevate Me(TM) acquisition in 2017, adding to the compliment of NSE processing, product range and family of brands. Fixed overhead costs have been identified and reduced by over $290K annually with, among other steps, the synergy of relocating the Prosnack facility to Pitt Meadows which is on schedule for March 2018.

 

- The co-packaging line at Pitt Meadows is currently operating at one shift per day five days per week. The Company has the ability to add additional shifts, potentially increasing production capacity and top and bottom line revenue numbers.

 

- Since assuming his role as Executive Vice President of Sales & Marketing upon the closing of the Prosnack acquisition, Alan Maddox has held numerous high-level meetings with distributors and retailers in Canada to showcase NATERA(R) branded products and is planning to secure new national distribution channels for both NATERA(R) as well as Elevate Me(TM) brands early in 2018.

 

- NATERA(R) FX, a brand of practitioner-grade hemp-based products, is soon to launch with health practitioners in 2018 to serve a unique and growing segment of the retail sector.

 

- We anticipate the development of our patent pending 85% Hemp Protein Isolate to challenge soy, whey and pea protein sources as a novel and sustainable protein source.

 

- Australia has received the first NATERA(R) order before the Christmas season as we build a new market for NATERA(R) products.

 

These are just some of the key opportunities and accretive gains made this past year.

 

"In addition to building these strong business foundations for success, there is incredible activity in the cannabis market. As July 1, 2018 approaches the value of public cannabis and hemp companies is growing and NSE is positioning itself to take advantage of investor interest," continued Dave Eto. "This task in particular will require a leader with significant Capital Market expertise and relationships. I believe Doug Mason is the correct person to help NSE navigate through our next phase of growth and exploit these opportunities,"

 

"I am comforted knowing NSE is in excellent and expert hands to handle both the operational and capital market aspects of the business. I have thoroughly enjoyed my role this past year and I leave knowing my contributions have allowed NSE to ready itself for the next phase of growth. Please join me in welcoming Doug to his new role and thank you for your continued support in our journey".

 

Mr. Douglas (Doug) Mason reports, "I am excited by the opportunity to serve as CEO of Naturally Splendid. The MMJ and hemp sectors in the public markets are robust to say the least, and it is my mandate to leverage those opportunities into transactions to maximize shareholder value. For example, the higher concentrations of Cannabidiol (CBD) in hemp varieties makes the hemp plant an interesting business line for a complete cannabis company which is an area that we will continue to explore. As CEO, I will not only participate in; developing the corporate strategy moving forward; pursue opportunities in the MMJ and hemp sectors through acquisitions, joint ventures and/or strategic partnerships; but also, to lead the team specifically regarding capital markets. Additionally, I will be conducting an extensive search for a permanent CEO. I am not ruling out the possibility that my interim status be revised. However, if we identify a strong candidate, it is my intention to put that person in place to steer Naturally Splendid towards a prosperous future with the full support of myself and the Board of Directors".

 

Mr. Mason has over 25 years of experience in the public markets. Doug has served as a senior officer and director for a number of public companies and has extensive experience in financings and acquisitions in capital markets, raising over $200 million over the past 25 years. From 1988 through 2005, Doug served as President & Chief Executive Officer and as a director of Clearly Canadian Beverage Corporation, a producer of premium beverage products, achieving annual sales exceeding $230,000,000 CDN in just the third year of operation. During his 20 years in the beverage industry, Doug has been credited as one of the pioneers of the New Age Beverage category.

 

Doug is currently Chairman of the Board and C.E.O. of Waterfront Capital Corporation, Canadian International Pharma Corp., International Bethlehem Mining Corp., and Rainy Mountain Royalty Corp. Doug is also a director and the sole shareholder of Criterion Capital Corporation, a management consulting company, and Chairman and C.E.O. of Mooyah Canada Franchise Corp., a fast-casual "better burger" franchise in Canada.

 

Additionally, Mr. Mason is a past Chair of the B.C. Sports Hall of Fame and Museum and of the B.C. Sports Hall of Fame Foundation, and remains an active member of the Foundation. He is currently Deputy Chair of the Board of Governors for Collingwood School, and is also an active supporter and recruiter of participants for fund raising events for the Rick Hansen Institute.

 

Company President Mr. Craig Goodwin states, "Given the almost unprecedented pace of the Medical Marijuana (MMJ) sector and the multiple opportunities and transactions occurring in the industrial hemp space, the Board of Directors felt that it was imperative the Company have a CEO with significant capital market experience in addition to solid business fundamentals and a strong retail acumen in order to deliver maximum shareholder value. In looking at our team of Directors and Advisors, Mr. Mason's name was at the top of that list of candidates to fulfill that role. We welcome Doug in his extended role as CEO and look forward to working closely with Dave in his role on the Advisory Board".

 

About Naturally Splendid Enterprises Ltd.

 

Naturally Splendid is a biotechnology and consumer products company that is developing, producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and non-psychoactive cannabinoid compounds in a broad spectrum of applications.

 

For more information e-mail info@naturallysplendid.com or call Investor Relations at 604-673-9573

 

On Behalf of the Board of Directors

Mr. Douglas Mason

CEO, Director

 

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 complete the acquisition of Prosnack, 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; 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.

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