On Schedule to Meet $1,000,000 Forecasts Annually For Contract Manufacturer Client
VANCOUVER, British Columbia, Feb. 22, 2019 (GLOBE NEWSWIRE) -- NATURALLY SPLENDID ENTERPRISES LTD. (“Naturally Splendid” or “NSE” or “Company)(NSP.V)(NSPDF)(50N.F) is pleased to announce upgrades to the Company’s manufacturing and distribution facility are in advanced stages prior to final inspection for Safe Quality Food (SQF) Level 2 Certification is scheduled for completion by May 2019. The Company has already successfully passed the initial desk audit and now awaits final inspection.
Additionally, the Company is pleased to report that a previous announced Contract Manufacturer Client is on target to attain production levels of $1,000,000 annually as forecast in a previous News Release (August 16, 2018).
In 2018, the Company allocated essential investment capital to acquire additional manufacturing equipment to upgrade its facility to SQF Level 2 Certification and build an R&D test kitchen, thus expanding production capabilities. The purpose of the facility upgrades is to secure SQF Level 2 Certification. An SQF Level 2 Program is a comprehensive HACCP-based food safety and quality management certification system for all sectors of the food industry, from primary production to transport and distribution. SQF is a Global Food Safety Initiative (GFSI) benchmarked food safety standard that supports industry or company-branded products and offers benefits to suppliers and their customers. Products produced and manufactured under the SQF Code Certification retain a high degree of acceptance in global markets.
Naturally Splendid Executive VP of Operations Mr. Bryan Carson reports, “Our commitment is to provide the highest quality, safest foods possible. Attaining SQF Level 2 Certification serves as notice to the food industry, that Naturally Splendid is prepared to invest in the necessary infrastructure to ensure our clients are receiving the best possible products. We believe that certifications of this nature are even more important in the emerging cannabis markets. The sensitivity around safe, responsible cannabis products is amplified amongst consumers and certainly by large retail chains we currently do business with. We are confident that these certifications, in conjunction with existing business relationships with national retailers will give NSE a competitive advantage when cannabis edibles are given regulatory approval”.
Contract Manufacture Client on Target for $1,000,000 Annually
The Company previously announced a 5-year manufacturing contract estimated at $1,000,000 CDN annually for projected revenues of $5,000,000 CDN. We are currently reaping the rewards as we gain momentum in the Private Label and Contract Manufacturing, along with national distribution of NATERA®."
The expansion of the Company's bars-and-bites business model continues to expand on its Vertical Integration Strategy to gain market share in the healthy food sector retail markets and to build a strong revenue base of recurring sales. The Elevate Me™ product line, along with its private label clients, totalled almost $8-million in sales over the past four years, and will continue to be a key focus as the company rolls out expansion plans and assigns additional resources to assist in further growth. It is this existing business base that Naturally Splendid will leverage as the cannabis edible market continues to evolve.
About Naturally Splendid Enterprises Ltd.
For more information, please visit: www.naturallysplendid.com
For more information e-mail firstname.lastname@example.org or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Douglas Mason
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
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, including its application to obtain a Standard Processing License, 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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