Naturally Splendid buys 'state-of-the-art' packaging line and issues shares to cancel debt

Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCPINK:NSPDF) (FRA:50N) announced it has purchased a “state-of-the-art,” automated packaging system capable of packaging a wide variety of food products in multiple formats.  The company said the packaging line will be installed in its 20,000 square foot, Safe Quality Food (SQF) certified food manufacturing facility in Pitt Meadows, British Columbia and is expected to be fully operational within six to eight weeks.  “Adding this packaging line immediately increases the range of products and services we can offer retail and foodservice clients,” Naturally Splendid Enterprises CEO Craig Goodwin said in a statement.  READ: Naturally Splendid NATERA meat-alternative meals to be served up at select Denny's locations in Canada “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. 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,” Goodwin added. “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.”   Naturally Splendid noted the packaging system will also be utilized for packaging existing products manufactured at the facility, including the company’s plant-based bars and bites. The company previously reported that it signed a letter of intent to be the exclusive Canadian manufacturer of plant-based, meat-replacement products for Flexitarian Foods, a division of Australia's largest plant-based food manufacturer. As well, Naturally Splendid announced its board of directors has approved the settlement of $255,225.11 in debt by issuing 3,646,071 company shares, at a price of $0.07 per share, to certain creditors, including some Naturally Splendid directors and officers. The shares are subject to a hold period of four months plus one day from the date of issuance. Founded in 2010, Naturally Splendid 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 plant-based meat alternatives. Contact Sean at sean@proactiveinvestors.com