Trading Symbol: VPI
VANCOUVER , Sept. 30, 2019 /CNW/ - Vitality Products Inc. (the "Company" or "Vitality") is pleased to announce it has achieved its highest sales quarter since the revitalization and launch of Vitality products in fiscal 2014. Sales for the three months ended July 31, 2019 of the Company's premium natural health products increased to $150,937 (2018 - $146,861 ) as the Company launched the new bottle size of 120 vegetable capsules of Vitality Power Iron + Organic Spirulina in June 2019 .
The financial results of the Company for the three months ended July 31, 2019 show a net loss of $7,002 or $0.00 per share compared to a net loss of $265,776 or $0.01 per share for the same period last year.
"We are pleased with the traction Vitality has made in the natural health market, and the continued growth of Power Iron with the introduction of the new 120 vcap size, and additional shelf presence at leading retailers across Canada ," said Cheryl Grant , President and CEO. "The Company continues to diversify sales from a few key groups over the last three years, to dozens of leading retailers which will provide a base of stability and future growth."
The Company's general and administrative expenses for the three months ended July 31, 2019 decreased to $115,383 (2018 - $370,774 ) as the Company recorded a share-based compensation expense of $Nil (2018 - $238,700 ). The cost of sales increased to $39,365 (2018 - $38,451 ) and wages and salary increased to $50,301 (2018 - $41,348 ) due to the Company's focus on expanding distribution and growing sales nationally and online. The Company received $29,761 (2018 - $32,768 ) of government assistance that offset additional resources spent on the Vitality branding, products, marketing materials, website development, salaries and expanding distribution channels.
Vitality's products are now available for sale in 575 retail stores (2018 - 550 retail stores) located in Canada and online at vitality.ca, amazon.ca and well.ca. A full list of the retailers is available at www.vitality.ca.
The Company's condensed interim financial statements and management's discussion and analysis for the six months ended July 31, 2019 and 2018 are available on the SEDAR website at www.sedar.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 575 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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