VANCOUVER, British Columbia, July 10, 2018 (GLOBE NEWSWIRE) — Naturally Splendid Enterprises Ltd.(“Naturally Splendid”, “NSE” or “the Company”) (FRANKFURT:50N) (TSX-V:NSP) (OTC:NSPDF) is pleased to announce it has restructured and rebranded its subsidiary, Prosnack Natural Foods Inc., a strategic acquisition made in October 2017 to enhance the Company’s lifestyle and healthy food division. The subsidiary will now be named “The Bar Makers”. The new client friendly, interactive website will be launched on July 16, 2018.
The Bar Makers will leverage and build on the reputation that Prosnack has earned developing, manufacturing and private labelling nutritional bars and bites for regional, international and global clients. A unique feature of Prosnack was its ongoing success strategy to private label for major retailers in North America and co-pack for other manufacturers globally. Prosnack’s successful Elevate Me™ product line, along with its private label clients, totaled almost $8,000,000 CDN in sales over the past four years, and will continue to be a key focus as the company rolls out expansion plans and assigns additional resources to assist in further growth.
Prosnack’s innovative “Elevate Me™” brand focuses on lifestyle and healthy meal replacement products that include energy bars and bites that are currently distributed throughout North America. The Elevate Me™ brand can be found in over 1,500 retail stores including major retailers such as Metro, Whole Foods, s, Save On Foods, Sobeys, Safeway, IGA, Natures Fare, London Drugs, Thrifty’s, Rexall and many more.
The expansion of our bars and bites business model continues our strategy to gain market share in the ‘healthy food sector’ retail markets. It is believed that upcoming changes to marijuana and hemp regulations under Bill C-45 will only increase opportunities for The Bar Makers as cannabinoid fortified products are allowed over time.
The Bar Makers will be able to take advantage of the recent acquisition of additional manufacturing equipment and a recently commissioned R&D Test Kitchen at Naturally Splendid’s Pitt Meadows facility, widening its production capabilities, thus creating additional business opportunities.
Naturally Splendid Executive Vice President Alan Maddox states, “With the expanded R&D and manufacturing capabilities, the Company is positioned as an innovator in the bar market. The investment in R&D and manufacturing is already paying dividends. Most recently we have secured a $75,000 Purchase Order from another Private Label client who is launching in a national convenience store chain that has over 500 locations in Canada. This most recent client is in addition to the recent C$5 million contract to produce unique bar/snack products in North America for a major food services company as well as the $100,000 CDN purchase order with a renowned National Distributor in Canada for its NATERA® and Elevate Me™ brands”.
Company CEO Mr. Douglas Mason states, , “Alan has a successful track record in developing new business in roles such as Director of International Sales for McCain Foods where he was responsible for overseeing sales development in over 70 countries around the world and as President of Sepp’s Food Group in the early 1990’s where he was instrumental in developing the company into one of the leading natural organic frozen breakfast food manufacturers in North America, growing sales from $1,000,000 CDN to over $88,000,000 CDN annually”.
Rapidly Growing Snack Market
The global snack bar market is expected to grow significantly over the coming years, according to MarketResearch, driven by both millennials and baby boomers demand for healthy daily snacks to support nutrition and wellness. In addition, there is rising demand for vegan snack bars from consumers who lead a vegan lifestyle that opt for healthy substitutes for meat, dairy, and other conventional protein sources.
The United States snack bar market is estimated to be valued at USD $6.8 billion by 2023, registering a CAGR (Calculated Annual Growth Rate) of 7%. Energy and nutrition bars occupy almost one third of the snack bar market in the United States, and are consumed widely across the country. The volumetric sales of snack bars are expected to register a CAGR of 2.1% during the forecast period – published by Mordor Intelligenceon December 2017.
About Naturally Splendid Enterprises Ltd.
Naturally Splendid is a biotechnology and consumer products company that is developing, and we are producing, commercializing, and licensing an entirely new generation of plant-derived, bioactive ingredients, nutrient dense foods, and related products. Naturally Splendid is building an expanding portfolio of patents (issued and pending) and proprietary intellectual property focused on the commercial uses of industrial hemp and marijuana cannabinoid compounds in a broad spectrum of applications.
Naturally Splendid currently has four innovative divisions:
(1) BIOTECHNOLOGY – Focused on three major platforms:
- Proprietary HempOmega™ encapsulation
- Extraction and formulation with Cannabidiol (CBD)
- Hemp and plant-based proteins.
(2) CONSUMER PRODUCTS –
- NATERA® – brand of retail hemp and superfood products distributed throughout North America, Asia and Europe.
- Prosnack Natural Foods Inc. (Elevate Me™) – lifestyle brand of healthy meal replacement products distributed throughout North America.
- Chi Hemp Industries Incorporated (CHII) – e-commerce platform for natural and organic hemp products.
- PawsitiveFX® – topical pet care products.
- NATERA®CBD – retail hemp-based cannabinoid nutraceutical and cosmeceutical products distributed in Asia.
- NATERA®Skincare – brand of retail hemp based cosmeceutical products.
(3) NATERA® Ingredients – bulk ingredients including HempOmega™.
- ACI Foods is a science-based, industrial hemp seed processing business located in Abbotsford, BC. Listed as the only strictly organic hemp seed processor in North America
(4) Co-Packaging/Toll-Processing and Manufacturing – packaging for house-brands (NATERA®, CHII™ and Elevate Me™) and third-party partners.
For more information e-mail [email protected] or call Investor Relations at 604-673-9573
On Behalf of the Board of Directors
Mr. Douglas Mason
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
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.
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