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VITALITY ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS

www.vitality.ca (CNW Group/Vitality Products Inc.)

News provided by

Vitality Products Inc.

May 30, 2024, 19:30 ET

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TSXV Trading Symbol:  VPI

VANCOUVER, BC, May 30, 2024 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or "Vitality") is pleased to report its financial results for the fourth quarter and the fiscal year ending January 31, 2024.

Sales for the three months ended January 31, 2024 of the Company's premium natural health products increased 8% to $171,704 (2023 - $159,559).  The financial results of the Company for the three months ended January 31, 2024 show a net loss of $30,020 or $0.00 per share compared to a net loss of $117,694 or $0.00 per share for the same period last year.  The Company's general selling expenses decreased to $29,932 (2023 - $56,378).  The Company's general and administrative expenses for the three months ended January 31, 2024 decreased to $123,683 (2023 - $175,067) as consulting fees decreased to $8,598 (2023 - $39,319).  The Company continues its effort to improve overall operating efficiencies while focused on expanding distribution and growing sales in Canada and the United States.

"We are pleased with the steps taken over the last year to streamline operations and are focused on steps to increase sales in the year ahead," said Cheryl Grant, President.

The financial results of the Company for its year ended January 31, 2024 show a net loss of $269,038 or $0.01 per share compared to a net loss of $537,265 or $0.01 per share for the same period last year.  Sales for the year ended January 31, 2024 decreased 5% to $787,223 (2023 - $826,580).  The Company's general selling expenses decreased to $197,964 (2023 - $309,659).  Selling fees decreased to $30,607 (2023 - $73,628) as the Company discontinued the outsourcing of its distribution and warehousing.  The Company's general and administrative expenses decreased to $626,392 (2023 - $824,938) as consulting fees decreased to $71,580 (2023 - $156,394) and wages and salary decreased to $362,560 (2023 - $418,215).

Vitality has 13 natural health products (encompassing 25 SKUs) sold in Canada and the United States including VITALITY Power Iron + Organic Spirulina.  Vitality has won seven industry awards which recognize outstanding product innovation for Power Iron + Organic Spirulina, including one award from Clean Choice Awards and six alive Awards.  The Company has filed all 13 natural health products with the Food and Drug Administration (FDA) for sale in the United States.

The Company's audited financial statements and management's discussion and analysis for the years ended January 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 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.

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.

Vitality Products Inc., Cheryl A. Grant, President and CEO, (604) 591-1322, [email protected]

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Vitality Products Inc.

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