Trading Symbol: VPI
VANCOUVER, June 29 /CNW/ - The financial results of the Company for the three months ended April 30, 2010 show a loss of $50,905 or $0.00 per share compared to a loss of $52,208 or $0.00 per share for the same period last year. The Company's general and administration expenses for the three months ended April 30, 2010 decreased to $50,905 (2009 - $52,458) due, in part, to the Company managing its working capital by reducing cash flows used in its operating activities.
Vitality has focused its resources on the development of its product lines. Health Canada requires a full licensing process for Natural Health Products (NHPs). Included in the definition of NHPs are certain food and beverage products claiming to benefit health: such as energy bars and juice with vitamins; supplements such as herbs, digestive enzymes, vitamins and minerals and essential fatty acids; and traditional personal care products. The Licensed Natural Health Products Database (LNHPD) contains product specific information on those natural products that have been issued a product license by Health Canada.
Vitality has applied for and received 88 Natural Health Product Numbers (NPNs) for its NHPs and all 88 NHPs are registered in the LNHPD and have received an eight digit NPN. The issuance of a product license means that the product has been assessed by Health Canada, found to be safe, effective and of high quality under its recommended condition of use. This is an adequate number of approvals for the Company to proceed with a marketing and licensing program of its NHPs.
Vitality commenced business in 1946 and was trademarked in 1952. Over the years multiple formulations have been developed. Previously many of these products were registered with Drug Identification Numbers or were simply distributed as food supplements. In 1979 many new products formulations were added including nine time release formulations. Since 2002 an additional 28 new products have been formulated.
The development costs of formulating, testing and registering our 88 NHPs with Health Canada are well in excess of $500,000. Historically, the Company has expensed all of these development costs under its accounting policies. Therefore, this key strategic asset of the Company is not recognized on our balance sheets. The Company expects to generate income from the many years of investment in our NHPs.
The Company's financial statements and management's discussion and analysis for the three months ended April 30, 2010 and 2009 are available on the SEDAR website at www.sedar.com.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
William N. Grant, President & CEO
Neither 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 release.
SOURCE Vitality Products Inc.
For further information: For further information: Douglas Grant, CFO at (604) 683-6611 or firstname.lastname@example.org