Vancouver, British Columbia--(Newsfile Corp. - February 1, 2024) - good natured Products Inc. (TSXV: GDNP) (OTCQB: GDNPF) (the "Company" or "good natured®"), a North American leader in plant-based products, today announced it has commenced a cost reduction process to address declining revenue in the petroleum-based portion of its Industrial business group. This revenue segment originated as part of the Company's acquisitions of Integrated Packaging Films in 2020 and Ex-Tech Plastics in 2021.
In connection with this process, management made the difficult decision to eliminate a number of positions dedicated to the production and distribution of legacy petroleum-based industrial products. These actions, although always challenging, are expected to result in approximately $1.2 million in annualized payroll reductions.
"I want to recognize the persistent efforts by many members of our team who have battled through incredible macroeconomic challenges the last few years," said Paul Antoniadis, CEO of good natured®. "The Industrial manufacturing capability remains an essential part of our integrated supply chain model that provides our Packaging business group with plant-based rollstock. The announcement today is designed to lower our operating cost structure to meet current Industrial demand levels, improve profitability, and to ensure our core Packaging business group remains highly competitive in the market."
About good natured Products Inc.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people to create meaningful environmental and social impact.
Learn more about good natured® at goodnaturedproducts.com.
On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
Contact: 1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") that are based on expectations, estimates and projections as at the date of this news release. The statements and information in this release regarding expectations for future plans and objectives of the Company, including the anticipated level of payroll reductions, are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. For further information concerning these and other risks and uncertainties, refer to the Company's filings on SEDAR.com. The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update this information at any particular time. Forward-looking information contained in this news release is based on our current estimates, expectations, and projections, which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
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