VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 11, 2014) - Naturally Splendid Enterprises (the "Company") (FRANKFURT:50N) (TSX VENTURE:NSP) (OTCQB:NSPDF) is pleased to announce the commencement of a working relationship with The Alberta Food Processing Development Center ("AFPDC") to determine the efficacy and nutritional benefits of using the Company's exclusive HempOmega™ plant based omega supplement, to fortify commercial pet foods.
AFPDC Link: (http://www1.agric.gov.ab.ca/$department/deptdocs.nsf/all/fpdc5012)
Naturally Splendid plans to conduct research and product development at the Food Science and Technology Centre located in Brooks, Alberta. The center will develop optimized pet food formulations and processing capabilities followed up with nutritional and performance testing at an approved lab. The goal of this study is to develop pet superfoods fortified with HempOmega™ in order to provide optimum nutrition for pets and participate in this multi-billion dollar market.
Naturally Splendid CEO Craig Goodwin states, "The concept of commercializing HempOmega™ in the pet food sector is very exciting. Initially HempOmega™ was considered for only human consumption but the development of omega enriched pet food is a natural extension of this growing market segment. Longer term potential exists for the inclusion of HempOmega™ in aquaculture, cosmetics, cosmeceuticals and nutraceuticals."
Goodwin continues, "Our exclusive marketing rights for this breakthrough omega technology extends North America wide. The opportunities are multiple and the applications expansive for these plant based omega products. Opportunities range from omega enriched dairy, dairy alternatives, beverages such as juices, smoothies and energy drinks to breads and cereals as well as a multitude of dry goods for human consumption. We are enthused with the statistically impelling information derived from the recent HempOmega™ study conducted at the University of Manitoba regarding feed for poultry (See NSP news released September 4th 2014)."
Consumer demand for pet food, health and wellness products, grooming and pet related accessories is growing at a rate of 4% annually according to Packaged Facts(1). The overall market in Canada for pet related items reached $6.6 billion in 2012 and is expected to grow to $8.3 billion by 2018. Pet food represents 30% of that total as the Canadian population of cats and dogs is estimated at 9.5 and 5.0 million respectively. In the United States, domestic pets number 83.3 million dogs and 95.6 million cats in 2012.
Consumers spend an average of nearly $1000/year on their pets. Pet-related spending will continue to increase rapidly over the coming years, due in large part to the aging pet population, and owners seeking higher quality food for their pets(2). The new generation of pet owners is both willing and able to pay top dollar for premium products. They are concerned about their pets' health and welfare. Recent and emerging trends in the market include: a focus on nutrition, an interest in low calorie or light products; increased availability of nutraceutical products with supported health claims; and, gourmet and specialty pet foods and snacks(3).
The Technology
Developed by Boreal, these proprietary omega formulations utilize both microencapsulation as well as liposomal formulation providing a more efficient delivery process to the human digestive system. Preliminary testing has confirmed that these products offer increased bioavailability and sustainability by encapsulating lipids and transforming the insoluble ingredients into a stable aqueous suspension. The suspended particles can then be used in a liquid state or converted into a fine, flour-like, dry powder ingredient. This procedure allows for multiple methods of product implementation: capsules, powders, baked goods, beverages, etc. with precise control over formulation, dosage and uptake. This technology creates value-added ingredients and expands the market potential for oil-based substances which can prove challenging to handle, store and formulate.
Plant-based Omega Product Distribution Strategy
The marketing and distribution of HempOmega™ in particular and the companies suite of plant-based omega products, is multi-faceted and can be categorized as follows:
- As an ingredient in proprietary or private label products
- Provide plant based omegas as an ingredient to major brands to be added to existing and/or new product lines
- Collaborate with Ingredient Suppliers to market as standalone ingredients as well as co-develop ingredient formulations and solutions for their client base
About Naturally Splendid Enterprises Ltd.
Naturally Splendid has an exclusive sales agreement to market and distribute, in North America, the full complement of patent pending, plant-based omega products created by Boreal Technologies. The products include HempOmega™ and H2Omega™, as well as the FlaxOmega™, CanolaOmega™, and ChiaOmega™ plant based omega products. These novel products utilize microencapsulation and liposome technologies and are available in both a powder format and an aqueous solution for increased flexibility in ingredient applications and stand-alone products.
Naturally Splendid's 100% owned NATERA™ line of hemp-based superfood products are carried nationwide by Canada's leading health food distributors and a network of retail stores across Canada including major retailers and specialty stores. Naturally Splendid's 100% owned "NATERA™" line of products includes natural and flavored shelled hemp seeds as well as natural and flavored hemp protein powders.
On Behalf of the Board of Directors
J. Craig Goodwin, CEO, Director
Forward-Looking Statements
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. Such factors include, among other things: risks and uncertainties relating to Naturally Splendid's ability to complete proposed 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.
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(1) "Canadian Pet Market Outlook 2014" by Packaged Facts.
(2) Consumer Trends (Pet Food in Canada) http://publications.gc.ca/collections/collection_2011/agr/A74-1-17-2011-eng.pdf
(3) US & FCS Market Research Reports (Pet Food) http://www.plancameral.org/ishare-servlet/content/cd11506a-0479-4abb-a86e-1f0eb6c571c2