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Naturally Splendid (TSXV:NSP) announced today that it has now procured outright ownership of all the omega technologies from Full Spectrum Laboratories (FSL), including HempOmega and H2Omega. The original licensing agreement with FSL granted Naturally Splendid exclusive rights to the omega technologies, with minimum royalty payments to FSL of $1,600,000 CDN annually over ten years beginning in 2017.

Naturally Splendid (TSXV:NSP) announced today that it has now procured outright ownership of all the omega technologies from Full Spectrum Laboratories (FSL), including HempOmega and H2Omega. The original licensing agreement with FSL granted Naturally Splendid exclusive rights to the omega technologies, with minimum royalty payments to FSL of $1,600,000 CDN annually over ten years beginning in 2017.
As quoted in the press release:

In consideration of owning a 100% interest in the omega technologies including HempOmega(R) and H2Omega(TM) and the removal of the Minimum Royalty, Naturally Splendid will extinguish its non-exclusive license of FSL’s bioreactor technology and change its exclusive license on certain analytical testing Standard Operating Procedures (SOPs) to a non-exclusive license.
The transfer of omega technologies to NSE gives the Company full ownership of these technologies and eliminates all minimum royalty payments to FSL, eliminating $16 million in contingent liabilities over the next 10 years.

Naturally Splendid CEO, Craig Goodwin, stated:

Amending our technology license agreement with FSL allows NSE to accomplish a number of important objectives. We believe ownership of the omega technology gives NSE a competitive advantage in the rapidly growing nutritional ingredient industry for human, pet and livestock applications. This allows NSE to create value added products for our customers with improved margins while at the same time eliminating significant royalty obligations to FSL. We have developed our partnership with FSL over the last three years and are continuing to build upon this relationship

Naturally Splendid VP of Operations, Bryan Carson, added:

It is important to point out to our investors and stakeholders that our future business opportunities continue to include the array of technologies under license from FSL, including its patented cannabinoid formulation process. As the regulatory environment continues to evolve, we are strongly of the opinion that we possess very valuable assets that will position NSE for significant future growth, particularly in the development of formulated CBD products.

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