TSXV Trading Symbol: VPI
VANCOUVER,
BC, Dec. 30, 2024 /CNW/ - Vitality Products
Inc. (TSXV: VPI) (the "Company" or "Vitality"), a manufacturer,
marketer and distributor of premium vitamins and supplements, is
pleased to report its financial results for the third quarter ended
October 31, 2024.
The financial results of the Company for the
three months ended October 31, 2024
show a net loss of $32,225 or
$0.00 per share compared to a net
loss of $21,025 or $0.00 per share for the same period last year.
During the three months ended October 31,
2024, sales were impacted by temporary product stock outs of
VITALITY Power Iron + Organic Spirulina (all sizes) due to demand
and manufacturing delays.
Significantly, Vitality won two alive Awards in
October 2024 which recognize the best
of the natural health industry in Canada. The Company received an alive Silver
Award voted by Retailers for VITALITY Power Iron +
Organic Spirulina as Favourite Women's Product. The Company
also received an alive Bronze Award for VITALITY Magnesium +
Chamomile for Kids as Favourite Children's Product chosen by
Consumers.
VITALITY® is an award-winning line of
clean vitamins and supplements, marketed to natural health
retailers and health and wellness conscious consumers. Vitality has
now received 13 awards in Canada,
and two awards in the United
States including Consumer and Retailer Choice. The awards
include recognition for Best New Supplement, Women's Health and
Children's Health. Vitality has won eight industry awards which
recognize outstanding product innovation for Power Iron + Organic
Spirulina, including one award from Clean Choice Awards and seven
alive Awards.
Sales of the Company's premium natural health
products for the three months ended October
31, 2024 decreased 16% to $194,455 (2023 - $231,816). The Company's gross margin on its
sales for the three months ended October 31,
2024 was $135,665 or 70% of
sales (2023 - $166,488 or 72% of
sales) as the Company continues to have strong gross margins due to
the uniqueness of its natural health products.
The Company's general selling expenses for the
three months ended October 31, 2024
decreased 34% to $27,016 (2023 -
$40,870). The Company's general and
administrative expenses for the three months ended October 31, 2024 decreased 3% to $137,518 (2023 - $141,960). The Company continues its effort to
improve overall operating efficiencies while focused on expanding
distribution and growing sales in Canada and the
United States.
The Company's condensed interim financial
statements and management's discussion and analysis for the nine
months ended October 31, 2024 and
2023 are available on SEDAR+ at www.sedarplus.com.
About Vitality
VITALITY® is an award-winning line of
clean vitamins and supplements, marketed to natural health
retailers and health and wellness conscious consumers. Manufactured
in Canada and currently sold in
natural health stores and online, the products are non-GMO and
third party tested for quality. 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. To
view our products, visit: www.vitality.ca.
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.
