Good Natured Executes Mortgage Refinancing for its Brampton, Ontario Facility

February 20, 2024 — (Vancouver, BC) good natured Products Inc. (the “Company” or “good natured^®”) (TSX-V: GDNP) (OTCQB: GDNPF), a North American leader in plant-based products, announced that it signed a definitive agreement with a major Canadian financial institution on February 13, 2024 to refinance the mortgage outstanding with Business Development Bank of Canada (“BDC“) on the land and building located at the Company’s Brampton, Ontario facility.

Under the terms of the agreement, the BDC mortgage will be refinanced with a $12.9 million 3-year fixed rate mortgage, featuring a 25-year amortization period. Principal and interest will be paid monthly at a rate within a range of 5.8% - 6.2% per annum. The rate will be fixed at closing. The Company anticipates receiving net proceeds of approximately $2.1 million following repayment of the BDC mortgage and the remaining vendor take back loan associated with the Shepherd Thermoforming & Packaging Inc. acquisition. The close of the transaction is expected to occur on or around February 26, 2024.

"This refinancing reduces our interest rate payable on this facility and will result in annual cash flow savings of approximately $300,000 without any material increase to our net debt,” stated Paul Antoniadis, CEO of good natured^®. “This action is consistent with our stated objective to restructure and renegotiate our debt obligations in order to reduce the burden of cash interest payments.” 

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.

Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of securities law. By their nature, forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances and other factors that are difficult to predict and many of which are outside of the Company's control 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.

Forward-looking information contained in this news release is based on our current estimates, expectations and projections regarding, among other things, future plans and strategies, the expected cash flow savings from the refinancing, projections, future market and operating conditions, supply conditions, end customer demand conditions, anticipated events and trends, general market conditions, the economy, financial conditions, sales volume and pricing, expenses and costs, and other future conditions which we believe are reasonable as of the current date. Important factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements include, but are not limited to: future capital needs and uncertainty of additional financing, risks relating to general economic, market and business conditions and unforeseen delays in the realization of the Company’s plans, risks related to the loss of key manufacturing equipment, capability or facilities, the performance of plant-based materials and the ability of the Company’s products and packaging to meet significant technical requirements, changes in raw material supply and costs, labour availability and labour costs, fluctuations in operating results, and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company’s filings at www.sedar.com. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date.

If 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 herein 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.