Vitality Joins Canadian Trade Missions to Japan and China to Expand Sales Internationally
Dec 03, 2018, 09:00 ET
President & CEO Participates in Trade Missions to Expand Sales into Asia
Trading Symbol: VPI
VANCOUVER, Dec. 3, 2018 /CNW/ - Vitality Products Inc. (the "Company") has successfully completed two Trade Missions with the Government of British Columbia and the Government of Canada to meet key buyers and importers to explore entry of VITALITY vitamins and supplements into Japan and China. The most recent Trade Mission was to exhibit within the Canadian Pavilion at Food and Hotel China (FHC); the Show was attended by over 100,000 visitors from November 13-15 in Shanghai.
The Company recognizes the growth opportunity for its line of vitamins and supplements outside of Canada. During the Trade Missions to Osaka, Tokyo and Shanghai, the Company had one-on-one meetings with buyers and introductions to local Canadian Trade Commissioners.
Japanese Market: Regulatory Changes Open Door for New Products
Japan is one of the leading countries for sales of natural health products and a key export market for Canada. VITALITY, as a guest of the Government of BC's Ministry of Jobs, Trade and Technology, met with key retailers, buyers and distributors in Osaka and Tokyo from October 2-5, 2018. The Japanese market for nutritional supplements exceeded $10 Billion USD in 2014* – double the size of the Canadian market – and regulatory changes in Japan have provided an opportunity for new products in the marketplace.
The Company introduced VITALITY Blue C (vitamin C 300 mg and blueberries) to buyers at the Table Top shows. Blue C is one of 92 NPNs (Health Licenses from Health Canada) secured by Vitality Products Inc. and is not currently sold in Canada. The Company joined the Trade Mission to explore the opportunity of launching current and new products in foreign markets while leveraging the reputation of VITALITY and manufacturing practices in British Columbia, Canada.
Chinese Market: Online Sales as Entry Point to Consumers
In 2017, supplements sales growth outpaced GDP growth in China with the Chinese supplement industry reaching $17.2 Billion USD in 2016, with 9.3 percent annual growth, as compared to global supplements sales growth of 5.7 percent**. The strongest growth comes from e-Commerce in China. The Company met with several online retailers and offline distributors at FHC in Shanghai to explore market entry in 2019. The Company views online as a growth opportunity in 2019.
International Export Markets: 2019 and Beyond
Following completion of Trade Accelerator Program with the Province of British Columbia, World Trade Centre and Export Canada in May 2018, the Company committed to build new relationships and expand sales internationally for long-term development and growth of VITALITY. Following the Trade Missions in October and November, the Company will continue to meet with Trade Commissioners and prospect distributors in targeted international countries and cities.
* |
Regulatory Reforms Fuels Japans Supplement Market, Sachiko Kakisaka, Sept 17, 2014 (https://www.naturalproductsinsider.com/claims/regulatory-reform-fuels-japans-supplement-market) |
** |
The Analysts Take: Supplement Sales in China, Claire Morton, Jan. 6, 2018 (https://www.newhope.com/market-data-and-analysis/analysts-take-supplements-sales-china) |
About Vitality Products Inc.
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 over 550 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 (at vitality.ca, well.ca and amazon.ca); 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
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.
For further information: Vitality Products Inc., Cheryl A. Grant, President and CEO, (604) 591-1322, [email protected]