TSX-V Trading Symbol: VPI
VANCOUVER, May 27, 2020 /CNW/ - Vitality Products Inc. (the "Company" or "Vitality") announces that British Columbia Securities Commission has adopted the BC Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements (the "Blanket Exemption Order") for the purpose of providing certain filing and other relief to issuers in light of the challenges posted by the COVID-19 pandemic. The Company is relying on the Blanket Exemption Order and will delay (i) the filing of its annual financial statements and related management discussion and analysis for the year ended January 31, 2020 (collectively, the "Required Annual Filings"), and (ii) compliance with the delivery requirements of applicable securities laws relating to the Required Annual Filings.
The Company currently intends to make the Required Annual Filings by June 18, 2020. The Company will be providing an updated news release on the status of filing its January 31, 2020 audited financial statements if the Required Annual Filings are not made by then. The Company is adopting the Blanket Exemption Order due to required social distancing rules and challenges of home-based work by the Company and its Auditor to provide safety for all employees. The Company looks forward to releasing its results.
Pursuant to the Blanket Exemption Order, the Company's management and other insiders will be subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions until the Required Annual Filings are filed on SEDAR.
Other than as previously disclosed by the Company in news releases, including the information herein, there are no other material business developments since December 30, 2019, the date of the Company's most recent filing of its interim financial statements for its third quarter ended October 31, 2019.
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 stores nationally, the products are vegan, 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
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.
For further information: Vitality Products Inc., Cheryl A. Grant, President and CEO, (604) 591-1322, [email protected]