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Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) has signed a binding letter of agreement with POS BPC Manufacturing Corp. for a minimum of CAD $250,000, for an exclusive hemp-based research, process and product development until September 1, 2017. In connection to this, Naturally Splendid also announced that POS Vice President of Technology, Dr. Rick Green, has been appointed to the Naturally Splendid Advisory Board.
As quoted in the press release:
Naturally Splendid Enterprises Ltd. (“Naturally Splendid” or the “Company”) (TSX VENTURE: NSP) (OTCQB: NSPDF) (FRANKFURT: 50N) is pleased to announce that it has signed a binding letter of agreement (“Agreement”) with POS BPC Manufacturing Corp., a wholly owned subsidiary of POS Bio-Sciences (POS), to provide research and development services (“Services”) to Naturally Splendid, on an exclusive basis for hemp based research, process and product development, from the date of this Agreement until September 1, 2017.
Under the terms of the Agreement, Naturally Splendid will invest a minimum of CAD $250,000 to retain POS to further develop the plant based omega technologies and products licensed from Full Spectrum Laboratories Limited, specifically targeting the omega oil industry. The technical and product development strategy will be finalized in April 2015 and final details will be provided at that time. All intellectual property and products developed by POS, in the course of providing the Services, will be solely owned by Naturally Splendid.
In addition, POS Vice President of Technology, Dr. Rick Green, has been appointed to the Naturally Splendid Advisory Board to provide technological expertise in the area of product development.
POS Bio-Science CEO Dale Kelly emphasizes, “The fact POS is agreeing to exclusivity is no small decision for a 40 year old R&D organization to offer. In addition, the fact we have agreed to have Dr. Green be a member of the Naturally Splendid Advisory Board is a solid vote of confidence that we have full faith in the new strategic alliance to create mutually profitable business opportunities. We have only ever exercised this same relationship with two other organizations in the history of POS”.
Naturally Splendid CEO, Craig Goodwin, said:
We are pleased to appoint Dr. Rick Green to the Naturally Splendid Advisory Board. Dr. Green will work closely with Naturally Splendid providing his extensive scientific expertise to create commercially viable ingredient and product opportunities in multiple commercial applications as requested by the Naturally Splendid’s Advisory Board.
Click here to read the Naturally Splendid (TSXV:NS,FWB:50N,OTCQB:NSPDF) press release
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