Naturally Splendid Reports Year End Results for 2020 and Provides 2021 Outlook

Naturally Splendid Enterprises Ltd. ("Naturally Splendid", "NSE" or "the Company") (TSXV:NSP)(OTC PINK:NSPDF)(Frankfurt:50N) announces its audited financial results for the year ended December 31, 2020. All amounts are in Canadian dollars and are prepared in accordance with International Financial Reporting Standards

Naturally Splendid recorded sales of $1,576,408 during the year ended December 31, 2020, compared to $3,037,512 for the year ended December 31, 2019. The Company's sales decreased by approximately $1,461,000 over the same period last year.

Revenues decreased significantly over the same period last year and Gross Profit Margins are approximately 23% of sales. Selling and distribution costs of $1,274,349 decreased due to no product development and the reduction in facility costs and inventory write-downs. Administrative expenses decreased to $3,534,307.

Naturally Splendid recorded a net loss from continuing operations of $4,659,642 for the year ended December 31, 2020, compared to a net loss from continuing operations of $7,030,070 during the year ended December 31, 2019. The decrease in net loss was mainly due to decreased production and sales due to COVID-19 pandemic and increased facility costs and corporate promotion.

Gross profits decreased by approximately 23% for the year ended December 31, 2020 at $116,129 (7.4% of sales) compared to $922,800 (30.4%) for the year December 31, 2019. Cost of Sales for the year ended December 31, 2020 was $1,460,279 compared to $2,114,712 year ended December 31, 2019.

The Company's manufacturing facility in Pitt Meadows, which focuses on developing and manufacturing nutritional bars and bites, has received Safe Quality Food Level 2 (SQF2) certification. SQF2 certification is required by certain major retailers as well as is a designation that many Contract Manufacturing Clients require. The certifications attained and additional manufacturing equipment commissioned at Naturally Splendid's Pitt Meadows facility allows the Company to focus on higher margin product opportunities.

Statements of Loss Data
Year Ended
December 31, 2020
Year Ended
December 31, 2019
Year Ended
December 31, 2018
Total Revenue
Cost of Sales
Other Income (Loss)
Deferred Income Tax
Discontinued Operations
Net Loss

Naturally Splendid CEO Mr. J. Craig Goodwin states, "2020 was a year of contrasts as we entrenched ourselves further into the plant-based consumer markets even while managing the significant operational challenges presented by the COVID pandemic.

Sales of our premium bars sustained significant setbacks in 2020 due directly to the pandemic. In the first few months of the pandemic, there was a rush by consumers to purchase basic staples as they dealt with the unknowns of COVID. However, we are now seeing plant-based products such as our bars and bites, regain and even increase in popularity as the health benefits of plant-based nutrition become increasingly undeniable.

The Company has extended our plant-based offerings. In September, we became the exclusive Canadian distributor for one of Australia's largest manufacturers of plant-based entrees, providing alternatives to beef, chicken, pork and fish. The NATERA Plant Based Foods roster of products now include Plant Based Burgers, Breaded Cutlets (Schnitzel), Garlicky Chick-Un Kiev, Sweet Chili Chick-Un Tenders, Seasoned Chick-Un Tenders, Chick-Un Nuggets, Chick-Un Patties, Crispy Fish-Un Fillets, Garlicky Chick-Un Bites and Cheesy Chick-Un Bites.

The Company owns and operates a premium food manufacturing facility focussed on a range of bars and bites made primarily with plant-based ingredients. Investment in our 100% owned Prosnack Natural Foods Division food manufacturing facility, including increasing production capacity, positions the Company to continue our strategy of providing plant-based products to a rapidly growing consumer base.

The consumer-driven plant-based market is outpacing the growth of every other grocery category. This growing demand for plant-based products is not so much the result of a widespread shift to vegetarianism, as it is the result of an increasing number of consumers referred to as flexitarians who want to eat less meat but are not ready to give it up entirely. Reports have shown that 90 percent of consumers who tried plant-based meats in the past 12 months fit that description. NATERA Plant Based Foods provide plant-based products that appeal to this rapidly growing consumer category.

Although the year was challenging operating a food facility with the additional COVID protocols put in place for the safety of our workers, our clients, and the food we produce, the pandemic created a significant opportunity for the Company as we have been approved for a Health Canada phase 2 clinical trial for a potential COVID treatment through Plasm Pharmaceutical, a joint venture with Biologic Pharmamedical (Biologic).

We are through the final planning and preparatory steps for the clinical trial designed to evaluate the target drug Cavaltinib™ pharmacology as a treatment for the COVID-19 disease pathology. CavaltinibTM is a curcumin-based product, produced utilizing Biologic's patented extraction technology.

The Company is excited to have Cavaltinib™ recognized by Health Canada as a drug candidate for the treatment of COVID-19 patients. CavaltinibTM and is the result of over 15 years of research and development that has led to published medical findings and patented technology.

Our objective is to establish clinical evidence for CavaltinibTM as a treatment option for high-risk patients to avoid hospitalization, morbidity and/or mortality upon SARS-CoV-2 infection. In particular, the technology that forms the foundation to CavaltinibTM has already been shown to inhibit the transcription of cytokines that are known to partake centrally in the COVID-related cytokine storm phenomenon which is widely considered at the centre of the escalating treatments many COVID infected patients require.

The current range of COVID-19 vaccines have been produced in an atypically short period of time and are thankfully beginning to have a positive effect. However, despite the vaccine successes, infection rates and cases of morbidity are still on the rise in many regions demonstrating the pandemic is not yet over.

Reports indicate the health risk, due in large part to the escalation of variants, is still considered a high alert problem. Treatment options such as Cavaltinib™ will be required as the SARS-CoV-2 coronavirus evolves through its inevitable mutations as we are currently witnessing. It is anticipated throughout the medical community that the SARS-CoV-2 coronavirus and the pandemic may only be signs of what is to come as the environment that spawns these types of viruses continues to evolve due in part to rapid population growth and food supply logistics.

Naturally Splendid has always been a company whose mission is to provide health and wellness products to the public focused on plant-based nutrition.

Research indicates the demand for plant-based foods will continue to increase rapidly over the next several years as consumers are increasingly looking for a variety of plant-based products to add to their dietary choices. There are multiple factors driving these dietary decisions including environmental reasons, personal health, and for some, ethical reasons.

In closing, the Company believes plant-based foods and supplements have never been in higher demand and we expect this trend to accelerate, and we are well-positioned to capitalize on this opportunity with the investments we have made. We look forward to providing shareholder value through our plant-based initiatives."

Naturally Splendid's financial statements can be viewed at:

About Naturally Splendid Enterprises Ltd.

Founded in 2010, NSE operates a Safe Quality Food Level 2 certified food manufacturing facility just outside Vancouver, BC in Canada. The Company has established numerous healthy, functional foods under recognized brands such as Natera Sport™, Natera Hemp Foods, CHII, Elevate Me™ and Woods Wild Bar™, and most recently Natera Plant Based Foods, a line of delicious plant-based meat alternatives for the rapidly growing plant-based market segment.

The Company has a myriad of new products and line extensions under development that are approaching launch. NSE, through its joint venture Plasm Pharmaceutical, has been approved for conducting a phase 2 clinical trial approved by Health Canada for treatment of COVID-19.

NSE has also developed proprietary technologies for the extraction of high-demand, healthy omega 3 and 6 oils from hemp.

NSE contract manufacturers for healthy, functional food products and ingredients focusing on plant-based ingredients. The Company provides contract manufacturing services for many healthy food companies, private labeling a wide variety of nutritional food products destined for global healthy food markets.

For more information e-mail or call Investor Relations at 604-465-0548 (ext. 105)

On Behalf of the Board of Directors

Mr. J. Craig Goodwin
CEO, Director

Contact Information

Naturally Splendid Enterprises Ltd.
(NSP - TSX Venture; NSPDF - OTCQB; 50N - Frankfurt)
#108-19100 Airport Way
Pitt Meadows, BC, V3Y 0E2
Office: (604) 465-0548
Fax: (604) 465-1128

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; the ability to complete the sales of all bulk hemp seed purchase orders; 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.


SOURCE: Naturally Splendid Enterprises Ltd.

View source version on

News Provided by ACCESSWIRE via QuoteMedia

The Conversation (0)
Naturally Splendid Enterprises

Naturally Splendid Enterprises

Keep reading...Show less

Allergan Aesthetics* to showcase 360° approach to clinical practice, aesthetic products, and patients with expert-led symposia at AMWC 2023

-- 'Discover Your 360°' immersive experience to feature across Allergan Aesthetics events, supporting customers with all aspects of their Practice, Product and Patient needs --

-- Two expert-led Allergan Medical Institute (AMI) symposia to discuss a 360° approach to consultation and treatment, featuring live injection sessions with Dr.Mauricio de Maio and Dr. Sylwia Lipko-Godlewska

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Cardiol Therapeutics Announces Year-End 2022 Update on Operations

Cardiol Therapeutics Announces Year-End 2022 Update on Operations

  • Initiated patient enrollment in a Phase II open-label clinical trial investigating the safety, tolerability, and efficacy of CardiolRx™ in patients with recurrent pericarditis - a debilitating heart disease associated with chest pain, shortness of breath and fatigue, resulting in markedly reduced quality of life, emergency department visits, and hospitalizations
  • Initiated patient enrollment in the ARCHER Trial - a Phase II multi-national, randomized, placebo-controlled clinical trial evaluating the safety and efficacy of CardiolRx™ in patients with acute myocarditis, an important cause of acute and sudden heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age
  • Data presented at the late-breaking scientific sessions of The American Heart Association 2022 demonstrating the cardioprotective effects of CardiolRx™ in a model of acute pericarditis
  • Pre-clinical study results presented at The Annual Scientific Meeting of the Heart Failure Society of America demonstrating CardiolRx™ inhibits and promotes reversal mechanisms leading to cardiac fibrosis
  • Made key appointments to the Board of Directors, adding extensive and diversified experience to provide additional independent guidance and stewardship to oversee the Company's continued growth and development
  • Appointed thought leaders in cardiovascular medicine to its Scientific Advisory Board
  • Cash and cash equivalents of $59.5 million as of December 31, 2022, providing capital to achieve corporate milestones and fund operations into 2026

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, today announces its year-end 2022 update on operations following the filing of its audited Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2022. Both are available under the Company's profile on SEDAR at and on the Company's website at

"In 2022, Cardiol made important progress with the development of CardiolRx, our lead drug candidate for the treatment of inflammation and fibrosis in heart disease. We initiated the ARCHER trial, a multi-national clinical study in acute myocarditis, that is one of the largest company-sponsored clinical trials to be undertaken in this underserved condition in over 30 years. Our research collaborators presented compelling evidence at The American Heart Association demonstrating the ability of CardiolRx to confer cardioprotective effects in a model of recurrent pericarditis. This presentation was followed by the initiation of our U.S. Phase II open-label pilot study in patients with recurrent pericarditis at the renowned Cleveland Clinic and Mayo Clinic sites," said David Elsley, President and Chief Executive Officer of Cardiol Therapeutics. "These clinical advancements have been complemented with important basic science initiatives that have furthered our understanding of CardiolRx's mode of action in inflammatory heart disease. In conjunction with our strong financial position, with cash to achieve our corporate milestones and fund operations into 2026, we are well-positioned to pursue our objective of developing new treatment options to improve the health and quality of life for patients living with debilitating forms of heart disease."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Aptose Biosciences to Participate in Cantor's The Future of Oncology Virtual Symposium

Aptose Biosciences Inc. (Nasdaq: APTO; TSX: APS), a clinical-stage precision oncology company developing highly differentiated oral kinase inhibitors to treat hematologic malignancies, today announced that the company will be participating in Cantor Fitzgerald's The Future of Oncology Virtual Symposium being held April 3-5, 2023, in a virtual format.

The Cantor Healthcare Research team will be hosting a series of insightful fireside chats, panel presentations, and 1x1 meetings during the symposium. Aptose's Chief Medical Officer, Rafael Bejar, M.D., Ph.D., will participate in a panel, " Targeted Therapies in AML ."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Bristol Myers Squibb Receives European Commission Approval of Sotyktu , a Once-Daily Oral Treatment for Adults With Moderate-to-Severe Plaque Psoriasis

Sotyktu demonstrated superior efficacy in improving skin clearance over placebo and twice-daily Otezla ® (apremilast), with a well-tolerated safety profile, in the pivotal Phase 3 POETYK PSO clinical trials

Sotyktu is the first oral therapy with a new mechanism of action approved in nearly 10 years for moderate-to-severe plaque psoriasis

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Aptose Reports Results for the Fourth Quarter and Full Year 2022

─ APTIVATE Expansion Trial of Tuspetinib as Single Agent in Relapsed/Refractory AML Patients is Up and Running; Initiated Enrollment of Combination Treatment Arm with Venetoclax ─

─ RAS Mutated AML Clinically Sensitive to Tuspetinib ─

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Sirona Biochem Announces Debenture Financing

Sirona Biochem Announces Debenture Financing

Sirona Biochem Corp . (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (" Sirona " or the " Company ") is pleased to announce a non-brokered private placement offering of unsecured, convertible debentures (the " Convertible Debentures "). The Company is offering Convertible Debentures units (the " Debenture Units ") at a price of $1,000 per Debenture Unit for aggregate gross proceeds of up to $1,500,000 (the " Offering ").

Each Debenture Unit will have a face value of (the " Face Value ") of $1,120, consisting of $1,000 in principal (the " Principal ") and $120 in prepaid interest (the " Prepaid Interest "). The Principal of the Debenture Units will accrue interest at a rate of 12% per annum, which accrued interest (" Accrued Interest ") will be paid semi-annually, in arrears. The Company will pay the Prepaid Interest and Accrued Interest in cash or, subject to TSX Venture Exchange (" TSXV ") acceptance, may elect to satisfy payment in kind by issuing Shares (" Interest Shares "). In the event of payment in kind, the number of Interest Shares due will be calculated using a conversion price (the " Interest Conversion Price ") equal to, subject to acceptance by the TSXV, the maximum Discounted Market Price (as defined in TSXV policies) on the applicable payment due date.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News