Vitality Reaches Profitability in Second Quarter
Sep 29, 2017, 18:26 ET
Trading Symbol: VPI
VANCOUVER, Sept. 29, 2017 /CNW/ - The financial results of Vitality Products Inc. for the three months ended July 31, 2017 show the Company's first profitable quarter since the launch of Vitality's new line of premium quality natural health products in September 2013. Vitality's net income for the three months ended July 31, 2017 was $14,397 or $0.00 per share compared to a net loss of $36,360 or $0.00 per share for the same period last year.
The Company's sales for the three months ended July 31, 2017 increased 92% to $129,458 (2016 - $67,369) as Vitality's supplements continued to receive re-orders from retail stores, be ordered by more retail stores located in Canada and by more online shoppers. The Company's general and administrative expenses for the three months ended July 31, 2017 decreased to $83,835 (2016 - $85,884) as the Company streamlines processes while expanding distribution and growing sales. The Company continues to focus its efforts on expanding distribution and sales nationally.
Vitality attended and exhibited at 2017 CHFA East - Canada's largest natural health trade show and conference in September 2017 in Toronto, Ontario. During the show, the Company presented with its national distributor, met retailers, sold products and provided information to prospective buyers.
Vitality's mission is to provide a healthy, energized lifestyle through high quality supplements. Vitality products are available for sale in 425 retail stores (2016 - 300 retail stores) located across Canada. A list of the retailers is available at www.vitality.ca.
Effective September 30, 2017, Acosta Canada Corporation (Acosta) will no longer be broker for Vitality. Acosta, through its Natural/Specialty Sales division, worked with the Company since January 2017 to promote Vitality products.
The Company's condensed interim financial statements and management's discussion and analysis for the six months ended July 31, 2017 and 2016 are available on the SEDAR website at www.sedar.com.
On behalf of the Board of
VITALITY PRODUCTS INC.
"W. Douglas Grant" (signed)
W. Douglas 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: W. Douglas Grant, President & CEO at (604) 683-6611 or [email protected]
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