Naturally Splendid Enterprises Ltd V.NSP.H

Insolvency of Subsidiary-

[G1945V]

NSP, Announces Insolvency of Subsidiary, But Naturally Splendid Enterprises Ltd., Continues On.

Naturally Splendid Enterprises
Announces Insolvency of Subsidiary
Vancouver, British Columbia, May 12, 2023 - Naturally Splendid Enterprises Ltd. (“Naturally
Splendid” or “NSE” or the “Company”) (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF)
announces that its wholly owned subsidiary, Naturally Splendid Foods Ltd., has made an assignment in
bankruptcy. Boale Wood & Company Ltd. has been appointed as Trustee over the estate of Naturally
Splendid Foods Ltd.
Naturally Splendid Foods Ltd. was engaged in the production, distribution, and sale of plant-based food
products, including the distribution of the Plantein line in Canada. Due to challenging market conditions in
the plant-based meat industry, the subsidiary has been experiencing financial difficulties in recent months.
As a result, the Board of Directors of the Company has made the difficult decision to initiate the insolvency
process of this subsidiary.
"The decision to proceed with the insolvency action for Naturally Splendid Foods Ltd. was not taken lightly
but is necessary given the financial challenges facing the subsidiary," said Mr. J. Craig Goodwin, CEO of
Naturally Splendid Enterprises Ltd. "The Company intends to focus on its core business of developing and
distributing functional foods and products that promote health and wellness. We have three opportunities
within the Company: Prosnack Natural Foods, Chii Pure Hemp, and Pawsitive FX. The Board and
management team remain committed to our core strategic objectives and will continue to work diligently
to enhance shareholder value. We have commenced a review process to explore and evaluate a broad range
of strategic alternatives."
The insolvency of Naturally Splendid Foods Ltd. is being conducted in the best interests of Naturally
Splendid Enterprises Ltd. as a whole. Other than as described in this press release, the Company continues
to develop products and markets in its core business.


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