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TSXV Trading Symbol: VPI
VANCOUVER, BC, June 29, 2021 /CNW/ – Vitality Products Inc. (TSXV:VPI) (the “Company” or “Vitality”) is pleased to report its financial results for the first quarter ended April 30, 2021. Vitality has achieved its highest sales total for one fiscal quarter since the revitalization and launch of Vitality.
The financial results of the Company for the three months ended April 30, 2021 show a net loss of $107,451 or $0.00 per share compared to a net loss of $52,444 or $0.00 per share for the same period last year. Sales for the three months ended April 30, 2021 of the Company’s premium natural health products increased 12% to $213,063 (2020 – $190,823).
The Company’s general and administrative expenses for the three months ended April 30, 2021 increased to $256,570 (2020 – $192,235). Wages and salary significantly increased to $120,689 (2020 – $89,325) as Vitality added key employees including its Chief Operating Officer. Colby Fackler joined Vitality as Chief Operating Officer (COO) starting on February 16, 2021. Colby joins Vitality after 15 years in leadership roles, including most recently as VP, Sales & Partnerships at Vancouver Whitecaps FC. His extensive expertise in sales strategy, execution, partnership development, service and marketing will be invaluable to the growth of Vitality. Colby Fackler is responsible for business operations and sales. Promotion increased to $54,246 (2020 – $43,992) as the Company launched a four-month advertising campaign to increase sales and market share in BC’s Lower Mainland, one of Canada’s largest natural health markets. Three radio spots were played 960 times over three months on two radio stations (Z95.3 FM and the Breeze 104.3 FM) and were aligned with a four-month digital marketing campaign of social media (Facebook), display, retargeting and search (Google ad words). Vitality has contracted Stingray Group Inc. (TSX:RAY, RAY.B)) and its digital partner AcuityAds Holdings Inc. (TSX:AT) to manage the campaigns.
On April 16, 2021, the Company closed a non-brokered private placement by issuing 6,000,000 units for a subscription price of $0.17 per unit, raising gross proceeds of $1,020,000. Each unit consists of one common share and one share purchase warrant of the Company, and each such warrant entitles the holder thereof to acquire one additional common share of the Company for a period of one year from the closing of the private placement at an exercise price of $0.25. The Company incurred share issuance costs of $50,419 paid in cash.
The Company’s condensed interim financial statements and management’s discussion and analysis for the three months ended April 30, 2021 and 2020 are available on the SEDAR website at www.sedar.com.
About Vitality
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 natural health stores and online, the products are 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
Forward-Looking Information
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.
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 news release.
SOURCE Vitality Products Inc.
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