TSXV Trading Symbol: VPI
VANCOUVER, BC , June 18, 2020 /CNW/ - Vitality Products Inc. (VPI.V) (the "Company" or "Vitality"), an award-winning line of vitamins and natural health supplements, is pleased to report its financial results for the fourth quarter and the fiscal year ending January 31, 2020 . Vitality has achieved its highest sales total for one fiscal quarter and its highest sales total for one fiscal year since the revitalization and launch of Vitality.
During the fourth quarter of fiscal 2020, Vitality sales increased 86% to $204,058 (2019 Q4 - $109,977 ) as Vitality's supplements sales grew at retail stores located in Canada and through online shoppers in Canada and the United States . The financial results from operations for the three months ended January 31, 2020 show a net loss of $28,115 (2019 Q4 - $52,960 ). The cost of sales increased to $55,380 (2019 Q4 - $35,048 ), promotion increased to $35,208 (2019 Q4 - $5,829 ) and wages and salary increased to $79,284 (2019 Q4 - $59,212 ) as the Company expanded the sales team in British Columbia , Alberta and Ontario and increased advertising spend to build instore and online sales with amazon.com, amazon.ca and vitality.ca.
The financial results of the Company for its year ended January 31, 2020 show a net loss of $62,943 or $0.00 per share compared to a net loss of $354,958 or $0.01 per share for the same period last year. Sales for the year ended January 31, 2020 of the Company's premium natural health products increased 17% to $618,171 (2019 - $528,041 ). The Company's general and administrative expenses for the year ended January 31, 2020 decreased to $499,518 (2019 - $722,773 ). Share-based compensation decreased to $Nil (2019 - $252,220 ). Wages and salary increased to $218,527 (2019 - $185,039 ) and promotion increased to $75,313 (2019 - $61,650 ).
The Company's audited financial statements and management's discussion and analysis for the years ended January 31, 2020 and 2019 are available on SEDAR at www.sedar.com.
Visit our new Investor site: investinvitality.com
VITALITY® is an award-winning line of clean vitamins and supplements, marketed to natural health retailers and health and wellness conscious consumers. Manufactured locally in BC, and currently sold in 600 stores nationally, the products are vegan, non-GMO and third party tested. Following the proven success of the line through repeat orders and same store sales growth, the Company is focused on expanding distribution and growing sales in-store and online; evaluating, researching and developing new products for future distribution; and exploring new markets for its products.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant" (signed)
Cheryl A. Grant , President & CEO
Information set forth in this news release involves forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors 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. Such factors include, among others, the following risks: risks associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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SOURCE Vitality Products Inc.
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