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.A; 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.