TSXV Trading Symbol: VPI
VANCOUVER, BC, Sept. 29,
2022 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the
"Company" or "Vitality") is pleased to report its financial results
for the second quarter ended July 31,
2022.
Sales for the three months ended July 31,
2022 of the Company's premium natural health products
decreased 3% to $190,581 (2021 -
$197,367). The financial
results of the Company for the three months ended July 31, 2022 show a net loss of $179,760 or $0.01
per share compared to a net loss of $250,412 or $0.01
per share for the same period last year.
The Company's general and administrative expenses for the three
months ended July 31, 2022 decreased
to $245,629 (2021 - $308,746) as wages and salary decreased to
$100,670 (2021 - $164,193). The Company's general selling
expenses decreased to $66,261 (2021 -
$78,958) as the Company focused on
the launch of its complete line of products in the United States as well as expanding
distribution and growing sales nationally.
In July 2022, the Company signed
an exclusive agreement for distribution of Vitality's premium line
of vitamins and supplements across the
United States with Threshold Enterprises – a leading
national wholesale distributor of dietary supplements and health
care products to the natural foods industry and health care
professionals. Threshold has a team of 40 sales
representatives and distributes from two warehouses to 5,500
retailers across 50 states and internationally. Threshold, as one
of the leading distributors, works with 450 leading natural brands
and will support the marketing and sales of Vitality into
retailers.
Vitality is targeting sales in the Western US and signed Grass
Roots Marketing, an established broker, to build sales. Grass
Roots Marketing provides an exceptional full-service sales and
marketing team for natural, organic, and specialty brands.
Their committed staff of 26 are dedicated to providing
superior natural and specialty brokerage services including
bringing products to top distributors, retailers and ongoing sales
management in the Pacific Northwest, California, and Western States.
The Company's condensed interim financial statements and
management's discussion and analysis for the six months ended
July 31, 2022 and 2021 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,
Canada 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. 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.
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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.