CORRECTION; Naturally Splendid Announces Completion of Share Consolidation

The release replaces the press release that went out September 19, 2022 at 5:15 pm ET, correcting the date for the consolidation, which is September 22, 2022.

Naturally Splendid Enterprises Ltd. ("Naturally Splendid" or "NSE" or the "Company") (FRANKFURT:50N)(TSX-V:NSP)(OTC PINK:NSPDF) is reporting that it has received TSX-V approval of the share consolidation and the consolidation of its issued and outstanding common shares at a ratio of fifteen (15) pre-consolidation shares to one (1) post-consolidation share (the "Consolidation") will take effect on opening business on September 22, 2022. The Company's new CUSIP number is 63902L209, and its new ISIN number is CA63902L2093

Following the Consolidation, the Company's issued and outstanding common shares will be 22,041,631 common shares.

A letter of transmittal will be sent by mail to registered shareholders on September 22, 2022, advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates and/or DRS statements evidencing their pre-consolidation common shares for new share certificates and/or new DRS statements representing the number of post-consolidation commons shares to which they are entitled. No action is required by non-registered shareholders (i.e., shareholders who hold their shares through an intermediary) to affect the Consolidation. Until surrendered, each certificate representing pre-Consolidation common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.

Naturally Splendid CFO Mr. George Ragogna stated, "We continue to execute our strategy and direct our efforts towards plant-based opportunities. This share consolidation is a positive step in that direction. Our plan is to focus on leveraging our exclusive agreement with Australia's largest plant-based manufacturer, Flexitarian Foods. It is key to understand that the Plantein™ manufacturing processes and resulting plant-based entrees have already proven to be popular in other markets, most notably Australia. We are implementing many of those same strategies here in Canada and look forward to replicating the same successes here in Canada that Plantein™ has experienced in other markets.

About Naturally Splendid Enterprises Ltd.

Naturally Splendid is a plant-based food manufacturing and technology company that produces and distributes nutritious and delicious plant-based commodity products.

Founded in 2010, the Company operates a certified food manufacturing facility located just outside Vancouver, BC in Canada, focusing on producing an extensive range of plant-based entrees.

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.

In addition to producing the Company's own branded products, Naturally Splendid provides contract manufacturing services and private labelling for a variety of nutritional plant-based food products destined for multiple distribution channels.

The Company has established healthy, functional foods under brands such as Natera Sport, Natera Hemp Foods, CHII™, Elevate Me™ and Woods Wild Bar™. The Company launched Plantein™ Plant-Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment.

Naturally Splendid has reached an agreement with Biologic to terminate the agreement with Plasm Pharmaceutical and is negotiating a compensation package for work done to date pursuing a potential treatment for Covid with the target drug Cavaltinib.

NSE has also developed proprietary technologies for the extraction of healthy omega 3 and 6 oils, as well as a protein concentrate from hemp.

On Behalf of the Board of Directors

Mr. J. Craig Goodwin President, Director

Contact Information

Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTC PINK; 50N Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 570-0902
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 including, Naturally Splendid's ability to compete with large food and beverage companies; sales of any potential products developed will be profitable; sales of shelled hemp seed will continue at existing rates or increase; customers will complete on sales contracts; and the risk that any of the potential applications may not receive all required regulatory or legal approval. 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.

SOURCE: Naturally Splendid Enterprises Ltd.