Mr. Stuart Gray of Laguna reports
LAGUNA BLENDS INC. EXTENDS LETTER OF INTENT WITH NATURALLY SPLENDID ENTERPRISES LTD.
Laguna Blends Inc.'s letter of intent (LOI) with Naturally Splendid Enterprises Ltd. has been amended to extend the deadline for entry into a definitive agreement from May 31, 2015, to July 31, 2015. As announced on April 14, 2015, Laguna and NSP entered into the LOI to provide the basic terms and conditions on which the parties would enter into a development and manufacturing agreement for the purpose of pursuing mutually beneficial business opportunities in the hemp food products area.
Laguna and NSP continue to work together to finalize the terms of the definitive development and manufacturing agreement. NSP has developed protein formulations and flavour profiles specifically for Laguna. The formulations covered within the development and manufacturing agreement will include NSP's unique HempOmega as one of the ingredients. NSP intends to grant Laguna exclusive rights to the custom formulations within the development and manufacturing agreement.
Completion of the development and manufacturing agreement between Laguna and NSP remains subject to a number of conditions, including: satisfactory due diligence regarding the business and affairs of the parties, receipt of any necessary contractual and third party consent, and receipt of all necessary regulatory consents and approvals required pursuant to applicable law or in accordance with the rules of any stock exchanges on which the common shares of either party are listed for trading at the relevant time.
About Laguna Blends
Laguna's business is focused on the nutritional health benefits derived from hemp. Laguna is a network marketing direct-sales company that intends to generate retail sales through independent affiliates. Laguna's affiliates utilize tools and technology that enable them to build an international business from their own home or while travelling.
The first products to be launched by Laguna are expected to be functional beverages that provide high levels of protein and/or nutrition. Laguna's products are made from high-quality hemp protein. Some of the current Laguna products are hemp coffee -- coffee beverages that contain both whey and hemp protein. In addition, Laguna plans to market a variety of unique single-serving on-the-go hemp protein mixes with various flavours. The hemp proteins are water soluble and can be directly mixed in water, or added to milk, almond milk or coconut milk. In addition, the hemp protein can be blended in a shake with fruit. Laguna also plans to offer other product categories in the future. Laguna intends to market the formulations of NSP's HempOmega protein products that are expected to be developed for Laguna under the development and manufacturing agreement, once entered into, under the name Laguna Blends and/or brand names owned by Laguna. Laguna intends to sell its products through its independent affiliates in the United States and Canada, and anticipates launching its business in 2015.
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