VANCOUVER, BC, June 29, 2022 /CNW/ – Good Natured Products Inc. (the “Company” Where “good natured person®“) (TSXV: GDNP) (OTCQX: GDNPF), a North American leader in herbal products, today announced that it has entered into an extension agreement dated June 29, 2022 (the “Extension Agreement”) with its primary lender under the Senior Credit Agreement dated October 28, 2021 between the Company and its primary lender (the “Senior Credit Facility”). The extension agreement relates to the breach of the fixed charge coverage ratio (“FCCR”) covenant under the senior credit facility, as previously disclosed in the Company’s press releases dated May 9, 2022 and May 12, 2022.
Under the extension agreement, the company’s primary lender has agreed to forbear from exercising its enforcement rights with respect to past violations of the FCCR to the December 31, 2021 and March 31, 2022 for a period of 60 days from the date of the extension agreement and has provided a waiver of the FCCR’s commitment to the June 30, 2022.
The Company is pursuing a refinancing of the Senior Credit Facility during the 60 day period (the “Refinancing”). The Company has signed a non-binding letter of intent with a major U.S. bank and a non-binding term sheet with a major Canadian lender regarding the refinancing and is currently in due diligence and negotiations with both entities in connection with the lawsuit. refinancing.
The good natured person® the company profile can be found at: investor.goodnaturedproducts.com
About Good Natured Products Inc.
good natured person® passionately pursues its goal of becoming North America leader in environmentally friendly products by offering the widest assortment of plant-based products made from rapidly renewable resources instead of fossil fuels. The company strives to make it easy and affordable for business owners and consumers to switch from oil to best everyday products® that use more renewable materials, less fossil fuels and no chemicals of concern.
good natured person® 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 available to people to create environmental impact and meaningful social.
For more information: goodnaturedproducts.com
On behalf of the company:
Paul Antoniadis – Executive Chairman and CEO
1-877-286-0617 ext. 113
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “budget”, “believe”, “project”, “estimate”, “expect”, “planned” , “forecast”, “strategy”, “future”, “probable”, “may”, “be”, “could”, “would”, “should”, “will” and similar references to future periods or negative or comparable periods terminology, as well as terms customarily used in the future and conditional. Examples of forward-looking statements include, but are not limited to, statements regarding the extension agreement and the refinancing. All forward-looking statements contained in this press release press are expressly qualified in their entirety by this disclaimer.
By their nature, forward-looking statements involve known and unknown risks, uncertainties, changed circumstances and other factors that are difficult to predict, many of which are beyond the Company’s control, which may cause our results, performance or achievements actual, or other future events, materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is a risk that the Refinancing will not be completed before the end of the abstention period provided for in the Extension Agreement. In such a scenario, for greater clarity, the Company would be in default under the Senior Credit Facility.
Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on the Company’s current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, expected events and trends, general market conditions, economy and other future conditions. The actual results and financial condition of the Company may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. Important factors that could cause actual results and financial conditions to differ materially from those set forth in the forward-looking statements include, among others, risks relating to general economic, market and business conditions and unforeseen delays. in realizing the benefits of the acquisition described in this press release.
The Company considers its assumptions to be reasonable based on information currently available, but cautions the reader that its assumptions regarding future events, many of which are beyond the Company’s control, may ultimately prove to be incorrect as they are subject to risks. and uncertainties. that affect the Company and its activities. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. The Company has assumed that the important factors mentioned above will not cause such forward-looking statements and information to be materially different from actual results or events. However, there can be no assurance that these assumptions will reflect the actual outcome of such items or factors.
Except as required by securities laws, the Company does not undertake to update this information at any time.
SOURCE Products of good nature
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