Trading Symbol: VPI
VANCOUVER, June 29, 2017 /CNW/ - The financial results of the Company for the three months ended April 30, 2017 show a net loss of $39,207 or $0.00 per share compared to a net loss of $39,825 or $0.00 per share for the same period last year. However, sales for the three months ended April 30, 2017 increased 120% to $72,432 (2016 - $32,975) as Vitality's premium natural health products were ordered by more retail stores located in Canada and by more customers shopping online. The Company's general and administrative expenses for the three months ended April 30, 2017 increased to $92,685 (2016 - $61,398). The cost of sales increased to $18,954 (2016 - $11,402), consulting fees increased to $27,969 (2016 - $17,082) and promotion expense increased to $12,903 (2016 - $4,987) due to the Company's efforts in expanding distribution and sales from Western Canada to across Canada, including selecting a national broker, a national distributor, advertising in national trade and consumer publications and redevelopment of Vitality.ca.
During the three months ended April 30, 2017, the Company completed its submission to the Food and Drug Administration (FDA) for notification of Power Iron + Organic Spirulina. The Company has now completed all regulatory requirements for sale of its award-winning product in the United States. In March 2017, Power Iron + Organic Spirulina received a second award: the North American-wide, Clean Choice Award from Clean Eating Magazine (www.cleaneatingmag.com/clean-pantry/15-clean-supplements). Vitality attended the Natural Products Expo West trade show in Anaheim, California in March 2017. During the show, the Company met with brokers, distributors and retailers.
Vitality products are available for sale in 400 retail stores (2016 - 290 retail stores) located across Canada. A full list of the retailers is available at www.vitality.ca.
The Company's condensed interim financial statements and management's discussion and analysis for the three months ended April 30, 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]