(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / September 23, 2015 - Naturally Splendid Enterprises Ltd. (the "Naturally Splendid") (FRANKFURT:50N) (TSX VENTURE:NSP) (OTC:NSPDF) announces that it has closed the restated and amended license agreement (the "Restated and Amended License Agreement") with Full Spectrum Laboratories Limited ("FSL"), a company controlled by Charles R. Brink, a director of Naturally Splendid, whereby the parties amended the terms of the license agreement dated November 17, 2014. (the "Original License Agreement").This filing marks the acceptance by the TSX Venture Exchange for the previously announced restated and amended license agreement.
As a result of closing of the Restated and Amended License Agreement, Naturally Splendid acquired a one hundred percent (100%) interest, without royalty, in FSL's omega technologies, including HempOmega(TM) and H2Omega(TM). In addition to hemp, the technology has the potential to transform flax, chia, canola, chia and algae into highly bioavailable water dispersible powders and aqueous solutions.. FSL removed the minimum annual royalty of USD $1.6 million (the "Minimum Royalty") that was set to commence after the second anniversary of the Original License Agreement and continue for ten (10) years for a total reduction of $16,000,000 CDN in guaranteed royalty payments.
In consideration of owning a 100% interest in the omega technologies and the removal of the Minimum Royalty, Naturally Splendid extinguished its non-exclusive license of FSL's bioreactor technology and changed its exclusive license on certain analytical testing SOPs and GC-MS Terpene Analysis SOPs to a non-exclusive license.
Naturally Splendid's CEO Craig Goodwin states, "We anticipate that the outright acquisition of the omega technologies will greatly contribute to our corporate strategy of becoming a leading producer of value-added nutritional ingredient solutions. Secured ownership will allow us to explore out-licensing opportunities for HempOmega(TM) and other applications of the omega technologies."
Bryan Carson, Naturally Splendid's VP of Operations added, "We are continuing to promote HempOmega(TM) as sustainable omega ingredient for the human, pet, livestock, and cosmetic industries. In initial studies, HempOmega(TM) demonstrated higher sustainability and bioavailability than unformulated omega oils. Our researchers will also begin to look at other plant oils that may be successfully encapsulated with this technology to create additional bioactive ingredients."
Charles R. Brink, a director of Naturally Splendid, is the managing director and a controlling shareholder of FSL. As a result, the proposed transaction is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Naturally Splendid is relying on exemptions from the formal valuation and minority shareholder approval requirements provided in section 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the value of the transaction will not exceed 25% of the fair market value of Naturally Splendid's market capitalization.
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, nutrient-dense 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 four innovative divisions: (1) Natera(R) brand of retail hemp superfood products currently distributed throughout North America; (2) PawsitiveFX(TM) brand of pet care products; (3) BCI Division of plant-derived bulk ingredients including patent-pending HempOmega(TM); and (4) hemp-based cannabinoid pharmaceuticals and 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 Goodwin
CEO, Director
Contact Information
Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N Frankfurt)
2435 Beta Avenue
Burnaby, BC, V5C 5N1
Phone: (604) 570-0902
Fax: (604) 570-0934
E-mail: info@naturallysplendid.com
Website: www.naturallysplendid.com
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. 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.
Copyright (c) 2015 TheNewswire - All rights reserved.