Naturally Splendid retracts SkyCapitalReport report

- November 21st, 2016

Following a review of Naturally Splendid Enterprises Ltd’s disclosure by the TSX Venture Exchange, Naturally Splendid is clarifying the following matters:

Naturally Splendid (TSXV:NSP) retracts analyst report of SkyCapitalReport, dated July 14, 2016 and terminates SkyCapitalReport Agreement.
Following a review of Naturally Splendid Enterprises Ltd’s disclosure by the TSX Venture Exchange, Naturally Splendid is clarifying the following matters:
Retraction of analyst report of SkyCapitalReport dated July 14, 2016
Naturally Splendid wishes to clarify and retract the information contained in an analyst report prepared by SkyCapitalReport dated July 14, 2016.
Naturally Splendid is retracting the report in its entirety as it was inappropriate to disclose sales forecasts not supported by sales commitments or definitive contracts or to set out an EV/sales multiple for Naturally Splendid as it is an early-stage start-up business that does not have a record of revenues, and such disclosure fails to comply with National Instrument 51-102.
Engagement of SkyCapitalReport for investor relations activities
Naturally Splendid announces that it engaged SkyCapitalReport to prepare an analyst report on Naturally Splendid. The term of the engagement was intended to cover a period of approximately six months commencing from early July, 2016. After the issuance of the report dated July 21, 2016, Naturally Splendid terminated the services of SkyCapitalReport in late July, 2016. Naturally Splendid paid $20,000 cash for the services of SkyCapitalReport.
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