Vancouver, British Columbia--(Newsfile Corp. - May 19, 2020) - good natured Products Inc. (TSXV: GDNP) (the "Company" or "good natured®") today announced it has begun supplying the medical and pharmaceutical industry with packaging for such items as packaging for COVID-19 testing kits, and personal protective equipment such as COVID-19 medical face shields.
The Company entered this new market segment with the closing of its acquisition of Shepherd Thermoforming & Packaging Inc., which was first announced on March 3, 2020 and definitively closed on May 13, 2020.
Effective May 1, 2020, the Company acquired agreements to ship 47 different products to 17 customers in this segment with anticipated annualized sales in the range of CAD$1.3 to CAD$2.3 million with gross margins of 35% to 45%.
"The entry into this new market segment allows us to play our part in the fight against COVID-19," said Paul Antoniadis, CEO of good natured®. "It also expands our growth opportunities by further expanding diversification of our product and customer mix, which is a cornerstone of our strategy."
About good natured Products Inc.
good natured® is producing and distributing one of North America's widest assortments of better everyday products® made with the highest possible percentage of renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern potentially harmful to human health and the environment.
By combining cutting-edge renewable material technology and the latest sustainable design features, good natured® creates eco-friendly home and business products, food packaging, restaurant/take-out containers, medical and industrial supplies designed to do good for the planet, good for human health and good for business by driving incremental sales, minimizing waste and improving logistics, all bundled up in a fresh and friendly brand.
For more information: goodnatured.ca
On behalf of the Company:
Paul Antoniadis - Chief Executive Officer
1-877-286-0617 ext. 113
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibilities for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Information in this news release regarding future revenues associated with supplying the medical and pharmaceutical industry with packaging and other goods constitutes forward-looking information within the meaning of securities laws. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the risk that the demand for packaging and personal protective equipment will decrease below the Company's expectations or that customers will select different suppliers to fulfill their needs for such goods.
When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Other than as required under securities laws, we do not undertake to update this information at any particular time.
Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, sales volume and pricing which we believe are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
Management of the Company approved the financial outlook in this news release as of the date hereof. The financial outlook was provided to provide readers with an update on expected revenues from the medical and pharmaceutical industry market segment, and such information may not be appropriate for other purposes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55993