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14 August 2017 – Canada-based biotech and consumer products company Naturally Splendid Enterprises Ltd. (FRANKFURT:50N) (TSX Venture: NSP) (OTC:NSPDF) has agreed to acquire all outstanding shares of Canada-based healthy lifestyle brand Prosnack Natural Foods, Inc. in an agreement executed with Prosnack and iCream Capital, Inc., the company said.Under the terms of its agreement with Prosnack and iCream, Naturally Splendid has agreed to pay to iCream CDN 200,000 (USD 157,240) in cash and to issue to iCream on closing 1,098,901 (USD 155,511) Naturally Splendid common shares. CDN 69,000 of the cash consideration will be paid to iCream on closing and the CDN 131,000 balance will be paid on or before December 29, 2017. The aggregate total earn out payments that could be made to iCream will be capped at approximately CDN 1.2m (USD .94m). Closing of the acquisition of Prosnack remains subject to certain conditions, including the approval of the TSX Venture Exchange.As part of the acquisition, Naturally Splendid will take ownership of approximately USD 300,000 of automated manufacturing equipment in Prosnack’s Canada-based manufacturing facility.Prosnack’s Elevate Me brand, found in over 1,000 retail stores, focuses on lifestyle and healthy meal replacement products that include energy bars and on-the-go oatmeals currently distributed throughout North America. Naturally Splendid said the new relationship with Prosnack and its founders continues the company’s strategy to gain market share in the healthy food sector retail markets. Synergies benefit Naturally Splendid with enhanced and effective operating costs, leverage distribution and innovative products. Relationships with retailers and co-packers strengthens Canadian and US marketing and branding capabilities of both companies.Naturally Splendid Enterprises Ltd. is a biotechnology and consumer products company that is developing, producing, commercialising, and licencing 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 non-psychoactive cannabinoid compounds in a broad spectrum of applications.Country: CanadaSector: Food/Beverages/TobaccoTarget: Prosnack Natural FoodsBuyer: Naturally Splendid EnterprisesVendor: Prosnack and iCream CapitalDeal size in USD: 1.25mType: Corporate AcquisitionFinancing: Cash and StockStatus: AgreedBuyer advisor: , ,Comment:

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