Naturally Splendid Enterprises Ltd. (“Naturally
Splendid”) (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) is pleased to
announce its unaudited financial results for the six months ended
June 30, 2016. All amounts are in Canadian dollars and are prepared
in accordance with International Financial Reporting Standards.
Naturally Splendid recorded $3,657,852 in
revenue during the second quarter of 2016 (2016 YTD: $5,097,880).
This represents a significant increase in revenue compared to
the second quarter of 2015, which amounted to $70,459 (2015 YTD:
$100,952). A further $712,000 of sales was recorded as
deferred revenue as the product had not shipped as of June 30,
2016. The significant increase in top line revenue was due to
bulk sales of hemp products to Korea and POS BPC commencing
operations in the second quarter of 2016.
Gross profit for the second quarter of 2016
amounted to $1,596,383 (2016 YTD: $1,676,736) and net income of
$885,301 (2016 YTD: $427,009). These amounts also represent
significant increases over the 2015 second quarter gross loss of
$35,563 (2015 YTD: $28,686) and net loss of $905,485 (2015 YTD:
$2,205,288).
Naturally Splendid CEO Mr. Craig Goodwin states,
"We’ve experienced significant growth in gross revenue from 2014
and 2015 to where we are at the end of the second quarter in 2016.
More importantly, Naturally Splendid has achieved net income in Q2.
This represents a new and impressive milestone for us, which we
plan to build on through 2016 and into the future. With
exports, processing and our retail lines performing well, we now
plan to focus more attention and resources to pursue the HempOmega®
and cannabinoid markets.”
Naturally Splendid’s unaudited condensed
financial statements and management’s discussion and analysis have
been filed on Naturally Splendid’s profile on the SEDAR
website.
Private Placement
Naturally Splendid also announces that it has
closed a second tranche of its previously announced private
placement financing by issuing a total of total of 175,000 units
(the “Units”) for gross proceeds of $47,250. In total,
Naturally Splendid has issued 3,077,168 Units for total gross
proceeds of $830,835.
Each Unit is comprised of one common share of
Naturally Splendid and one-half of one common share purchase
warrant (“Warrant”), with each whole Warrant entitling the holder
to purchase one additional common share at $0.35 per share for a
period of two years from the date of the issue. Naturally
Splendid will have the right to accelerate the expiry date of the
Warrants if, at any time, the average closing price of Naturally
Splendid’s common shares is equal to or greater than $0.45 for 10
consecutive trading days. In the event of acceleration, the
expiry date will be accelerated to a date that is 30 days after
Naturally Splendid issues a news release announcing that it has
elected to exercise this acceleration right.
In connection with the second tranche of the
financing, Naturally Splendid paid finders a cash commission
totaling $4,725 and issued a total of 17,500 finder’s
warrants. Each finder’s warrant is on the same terms as the
Warrants.
The securities issued under the financing will
be subject to a hold period expiring on December 31, 2016 pursuant
to applicable securities laws and the rules of the TSX Venture
Exchange.
Proceeds of the financing will be used for
product development and working capital and corporate purposes.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended, (the “U.S. Securities Act”) or any state
securities laws, and accordingly, may not be offered or sold within
the United States except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom. This
news release does not constitute an offer to sell or a solicitation
of an offer to buy any of Naturally Splendid's securities in the
United States.
About Naturally Splendid Enterprises
Ltd.
Naturally Splendid is a multifaceted
biotechnology company that is developing, producing,
commercializing, and licensing an entirely new generation of
plant-derived, bioactive ingredients, nutrientdense 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.
Naturally Splendid currently has six innovative
divisions: (1) Natera® brand of retail hemp superfood products
currently distributed throughout North America and Asia; (2) Chi
Hemp Industries Incorporated (Chii) is selling natural and organic
hemp products through e-commerce (3) PawsitiveFX® brand of pet care
products; (4) Simlpi Plant-Based Ingredients Division of
plant-derived bulk ingredients including patent-pending HempOmega®;
(5) The 12,000-square-foot POS / BPC Facility - which is managed
for Naturally Splendid by POS Bio-Sciences - is positioned to offer
commercial-scale custom processing solutions for biological
materials, such as functional foods and natural health ingredients
to a wide range of clients (6) hemp-based cannabinoid
nutraceuticals. The Company's advanced technologies, industry
expertise, and strategic partners allow for the creation of
customized solutions with a consistent focus on quality and
sustainability.
For more information e-mail
info@naturallysplendid.com or call 604-673-9573
On Behalf of the Board of Directors J. Craig
GoodwinCEO, Director
Contact InformationNaturally
Splendid Enterprises Ltd.(NSP – TSX Venture; NSPDF – OTCQB; 50N
Frankfurt)
Naturally Splendid Enterprises Ltd.
#108-19100 Airport Way,Pitt Meadows, BC V3Y 0E2 Office:
(604) 465-0548Fax: (604) 465-1128
E-mail: info@naturallysplendid.comWebsite:
www.naturallysplendid.com
Forward-Looking
StatementsInformation 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, but not limited to, Naturally
Splendid’s ability to complete the balance private placement
financing. 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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