Vitality Reports Second Quarter Results
01 Oct, 2018, 19:57 ET
Trading Symbol: VPI
VANCOUVER, Oct. 1, 2018 /CNW/ - The financial results of Vitality Products Inc. (the "Company" or "Vitality") for the three months ended July 31, 2018 show a net loss of $265,776 or $0.01 per share compared to a net income of $9,947 or $0.00 per share for the same period last year, as the Company recognized a share-based compensation expense of $238,700 (2017 - $Nil) for the valuation of the stock options granted to directors, officers, employees and consultants on May 3, 2018.
Sales for the three months ended July 31, 2018 of the Company's premium natural health products increased 13% to $146,861 (2017 - $129,458). Vitality has continued to increase sales quarter-over-quarter since 2014.
The Company's general and administrative expenses for the three months ended July 31, 2018 increased to $370,774 (2017 - $83,835), which includes the share-based compensation expense of $238,700. For stock options granted to directors, officers, employees and consultants, the Company recognizes share-based compensation expense based on the estimated fair value of stock options granted as calculated using the Black-Scholes option-pricing model on the date of the grant.
Vitality's products are now available for sale in 550 retail stores (2017 - 425 retail stores) located in Canada and online at vitality.ca, amazon.ca and well.ca. 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 six months ended July 31, 2018 and 2017 are available on the SEDAR website at www.sedar.com.
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.
"W. Douglas Grant" (signed)
W. Douglas Grant, Vice President & CFO
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., W. Douglas Grant, Vice President and CFO, (604) 591-1322, [email protected]
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