Trading Symbol: VPI
VANCOUVER, Dec. 17, 2012 /CNW/ - As previously announced, William Neil Grant passed away on November 27, 2011. Pursuant to the grant of probate approved and sealed by the Supreme Court of British Columbia on December 14, 2012, the common shares and preference shares of Vitality Products Inc. ("Vitality") beneficially owned directly and indirectly by Mr. Grant devolved to his estate in accordance with his will which provides for such shares to continue to be controlled by and for the benefit of members of the Grant family. The Estate of William Neil Grant (the "Estate") beneficially owns 4,492,563 common shares of Vitality or 22.59% of the outstanding common shares of Vitality. In addition, the Estate controls 1,028,671 common shares of Vitality or 5.17% of the outstanding common shares of Vitality. The 1,028,671 common shares of Vitality are owned by Consolidated Firstfund Capital Corp. ("Firstfund") and the Estate is a control person of Firstfund. Therefore, the Estate beneficially owns or controls, directly and indirectly, 5,521,234 common shares of Vitality or 27.76% of the outstanding common shares of Vitality.
The Estate controls 26,920 Class "A" Preference Shares, Series 3 of Vitality or 100% of the outstanding Class "A" Preference Shares, Series 3 of Vitality, and 46,000 Class "A" Preference Shares, Series 6 of Vitality or 100% of the outstanding Class "A" Preference Shares, Series 6 of Vitality. These Preference Shares are owned by Firstfund. The 46,000 Class "A" Preference Shares, Series 6 of Vitality are convertible to common shares of Vitality. If the conversion privilege is exercised, the direct and indirect holdings of the voting common shares of Vitality owned or controlled by the Estate would increase from 5,521,234 common shares (27.76% of the issued and outstanding common shares) to 10,121,234 (41.33% of the issued and outstanding common shares, assuming conversion), assuming that the conversion right is exercised at $0.10 per common share, being the lowest price into which the Class "A" Preference Shares, Series 6 can be converted into common shares of Vitality.
The executors of the Estate are Sue J. Grant, W. Douglas Grant, R. Brian Grant and Cheryl A. Grant (the "Executors"). For so long as the Estate beneficially owns the common shares and preference shares, the Executors are in accordance with Mr. Grant's will vested with the power to make all decisions with respect to such common shares and preference shares, including without limitation, voting and transacting in such shares. Accordingly, the Executors of the Estate may be considered to have control or direction over the common shares and preference shares beneficially owned by the Estate. Each Executor also directly and indirectly beneficially owns common shares for his or her own account. The address of the Estate is c/o 2901 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N7. The Executors of the Estate may also be reached at the address of the Estate.
The common shares and preference shares are held by the Estate for investment purposes and the Estate may, depending on market and other conditions, increase or decrease its ownership position in securities of Vitality through market transactions or otherwise. A copy of the Early Warning Report will be available on the SEDAR website at www.sedar.com.
"W. Douglas Grant" (signed)
The Estate of William N. Grant
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 or to obtain a copy of the Early Warning Report, please contact:
W. Douglas Grant at (604) 683-6611.