Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCPINK:NSPDF) (FRA:50N) has announced it has signed a letter of intent (LOI) with Australia's Flexitarian Foods Pty Ltd, in which Naturally Splendid will become Flexitarian’s exclusive manufacturer of an extensive line of plant-based, meat-alternative products for the Canadian market.
Naturally Splendid said the exclusive manufacturing and distribution rights are granted for a 10-year term, renewable for an additional 10 years, and are effective upon completion of the definitive agreement, which is expected within 30 days.
“We are thrilled to be the exclusive manufacturer of these delicious plant-based entrees in Canada, in addition to being the exclusive distributor. Manufacturing these products in Canada opens up additional opportunities for the company and we look forward to providing timely updates,” Naturally Splendid CEO Craig Goodwin said in a statement.
READ: Naturally Splendid Enterprises has a plant-based focus on developing health food products and ingredients
“Our expertise in manufacturing plant-based bars and bites in our SQF (food safety management) certified manufacturing facility will be of significant value as we add these additional lines to our manufacturing,” Goodwin added.
The company noted it previously agreed to terms with Australia’s BettaLife Global Food Solutions for the exclusive Canadian and US sales and distribution rights for its plant-based, meat-alternative products.
Naturally Splendid said it will market this product line in North America under the brand Natera Plant Based Foods as well as form strategic partnerships with private label clients.
New manufacturing lines will be installed in Naturally Splendid's existing 20,000 square-foot facility in Pitt Meadows, British Columbia, which it said will significantly reducing capital costs of construction as well as reduced timelines to begin manufacturing.
It added the facility will be capable of manufacturing a wide range of plant-based alternatives for beef, chicken, pork, fish, and shellfish.
Naturally Splendid is the current 'go-to' manufacturer for health food products and ingredients and its focus is plant-based. The company also provides contract manufacturing services for many global healthy food companies, private labeling a wide variety of nutritional food products.
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