2022-05-19 | TSXV: GDPP | Press release

Vancouver, British Columbia–(Newsfile Corp. – May 19, 2022) – Good Natured Products Inc. (TSXV: GDNP) (the “Company” or “in a good mood®“), a North American leader in plant-based products, today announced that the Company has filed amended and restated annual financial statements (the “Amended and Restated Financial Statements”) and the accompanying management report (the “Management report“) for the year ended December 31, 2021 (together with the amended and restated financial statements, the “restated documents”).

Pursuant to the Company’s press releases dated May 9, 2022 and May 12, 2022, following the filing of its audited year-end documents, the Company has been made aware of an apparent violation of its fixed charges (“FCCR”) under the senior credit agreement dated October 28, 2021 between the Company and its main lender (the “Senior credit facility“). Although the Company continues to consider this to be a matter of interpretation, it has accepted its primary lender’s interpretation and remains engaged in discussions with the primary lender regarding a plan to remedy the As a result, the Company has made the decision to file restated documents to reflect the default. impact on the consolidated statements of net loss and comprehensive income, changes in equity (deficit) and cash flows for the years ended December 31, 2021 and December 31, 2020.

International Financial Reporting Standards (“IFRS“) requires the Company to reclassify the senior credit facility and other long-term debt. Accordingly, the statement of financial position as at December 31, 2021 has been restated to reclassify $36,631 of debt associated with the credit facility senior debt, the Company’s 2021 convertible debentures and a mortgage of the long-term debt to the current portion of the long-term debt For clarity, the Company is not defaulting on its obligations under the 2021 convertible debentures and the aforementioned mortgage Full details of the change are described in Note 2A of the restated and restated financial statements.

The restated documents are available on SEDAR at www.sedar.com and supersede and supersede in all respects the respective previously filed financial statements and MD&A for the year ended December 31, 2021 (together, the “Previous documents“). Prior documents should no longer be relied upon.

the good natured person® 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’s leading eco-friendly products company by offering the broadest 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

Phone: 1-604-566-8466

Investor contacts:

Spencer Churchill

Investor Relations

1-877-286-0617 ext. 113

[email protected]

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124737

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