Naturally Splendid Enterprises Ltd V.NSP.H

This is the May 4th release

[Pennymen]

Vancouver, British Columbia, May 4, 2022 - Naturally Splendid Enterprises Ltd. (“Naturally Splendid” or “NSE” or the “Company” ) (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) announces that it did not file its audited financial statements for the year ended December 31, 2022, and the related management’s discussion and analysis and Chief Executive Officer and Chief Financial Officer certificates for the this period (collectively, the “Required Filings”) before the May 1, 2023 filing deadline (the “Filing Deadline”). Further to the announcement on April 14, 2023, the Company made an application to the British Columbia and Alberta Securities Commissions and was granted a management cease trade order (“MCTO”) under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which prohibits trading of securities of the Company by the Chief Executive Officer and Interim Chief Financial Officer of the Company until such time as the Required Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. The Company's failure to file its Required Filings by the Filing Deadline is due to the Company lacking the resources to complete the audit of the financial statements for the financial year ended December 31, 2022 and the related management’s discussion and analysis. The Company intends to remedy the default by liquidating certain manufacturing equipment it no longer requires. The Company anticipates that it will be in a position to file the Required Filings on or about June 30, 2023. The MCTO will be in effect until the Required Filings are filed. The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP-12-203 as long as the Required Filings are outstanding. Naturally Splendid CEO Mr. J. Craig Goodwin reports, “While our core business strategy continues to include plant-based and healthy lifestyle products, we continue review and analyze existing operations. We have identified significant savings in monthly overheads including a significant reduction in staffing levels and elimination of services including processing. We continue to strive to reduce and/or eliminate overheads and capital spends and will be providing further updates as they develop”. About Naturally Splendid Enterprises Ltd. Naturally Splendid is a plant-based food Company that distributes nutritious and delicious plant-based products. Naturally Splendid has an exclusive 10-year manufacturing and distribution agreement for Canada with a division of Australia’s largest plant-based food manufacturer, Flexitarian Foods Pty. Ltd.


The clock is ticking