Vancouver, British Columbia--(Newsfile Corp. - January 4, 2024) - good natured Products Inc. (TSXV: GDNP) (OTCQB: GDNPF) (the "Company" or "good natured®"), a North American leader in plant-based products, is pleased to announce the appointment of Mark Munford to the good natured® board of directors, effective January 8, 2024. Pursuant to the Company's Omnibus Equity Incentive Compensation Plan, the Company has also granted stock options ("Options"), performance share units ("PSUs") and restricted share units ("RSUs") to certain officers of the Company and members of the board of directors.
Having served as President of Natural Chemistry for over 30 years and CEO of NC Brands from 2015, Mr. Munford is known for building and expanding multiple natural product brands in both Canada and the United States. Using a combined approach of developing and commercializing unique and patentable green chemistry technology, along with a robust acquisition strategy to grow quickly to profitability, NC Brands was ultimately acquired in 2019 by leading North American chemical manufacturer, KIK Custom Products Inc.
Mr. Munford has demonstrated his strong support of the Company's long term strategic goals as the lead investor in private placements announced in May 2022 and June 2023. Mr. Munford is the Company's largest individual shareholder, and owns, directly and indirectly, an aggregate of 36,068,890 common shares, representing approximately 13% of the outstanding common shares (calculated on an undiluted basis), and 25,178,570 warrants.
"We're very pleased to welcome Mark with his strong engineering and operations background, along with M&A experience to our board of directors," stated Paul Antoniadis, Chair and CEO of good natured®. "What makes Mark particularly unique and valuable on our board is his proven track record turning technical innovations into profitable growth businesses that have gone on to be acquired by industry leaders. His insights and commitment are particularly valuable at this stage in our journey."
"From my direct experience in the natural chemistry arena, I know that what good natured® has built to date has high value in the marketplace to companies who are looking to expand their sustainable product offering," shared Mark Munford. "I've been invested in the Company's vision now for several years and appreciate the opportunity to share my experience and guidance as the Company enters its next phase of strategic growth."
Grant of Equity Incentive Compensation
Pursuant to the Company's Omnibus Equity Incentive Compensation Plan, an aggregate of Options to purchase 1,177,291 common shares were granted, with an exercise price of $0.07 per common share. The stock options have a term of five years and vest over a 48-month period. The Company also granted an aggregate of 4,104,232 RSUs, vesting in equal portions over a three-year term and 2,861,796 PSUs vesting in equal portions over a two-year term in accordance with certain peer group share price performance criteria for the 2024 calendar year established by the board of directors of the Company.
Each PSU and RSU entitles the holder thereof to receive either one common share, the cash equivalent of one common share or a combination of cash and common shares, as determined by the Company.
The granting of these Options, PSUs and RSUs is subject to TSX Venture Exchange approval.
The good natured® corporate profile can be found at: goodnaturedproducts.com/pages/investor
About good natured Products Inc.
good natured® is passionately pursuing its goal of becoming North America's leading earth-friendly product company by offering the broadest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The Company is focused on making it easy and affordable for business owners and consumers to shift away from petroleum to better everyday products® that use more renewable materials, less fossil fuel, and no chemicals of concern.
good natured® offers over 400 products and services through wholesale, direct to business, and retail channels. From plant-based home organization products to certified compostable food containers, bio-based industrial supplies and medical packaging, the Company is focused on making plant-based products more readily accessible to people as a means to create meaningful environmental and social impact.
For more information: goodnaturedproducts.com
On behalf of the Company:
Paul Antoniadis - Executive Chair & CEO
Contact: 1-604-566-8466
Investor Contact:
Spencer Churchill
Investor Relations
1-877-286-0617 ext. 113
invest@goodnaturedproducts.com
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193226
SOURCE: good natured Products Inc.
