Trading Symbol: VPI
VANCOUVER, Dec. 30, 2019 /CNW/ - Vitality Products Inc. (the "Company" or "Vitality") is pleased to announce it has achieved its highest sales quarter since the revitalization and launch of Vitality products in fiscal 2014. Sales for the three months ended October 31, 2019 of the Company's premium natural health products increased 13% to $162,809 (2018 - $143,970) as the Company achieved profitability during the third quarter.
The financial results of the Company for the three months ended October 31, 2019 show a net income of $1,223 or $0.00 per share compared to a net loss of $8,688 or $0.00 per share for the same period last year.
In October, the Company increased the sales and marketing team for the fourth quarter and fiscal 2021. The Company hired three new sales personnel including a Regional Account Manager and Account Executive in Ontario, and a Regional Account Manager, based in Calgary, for sales in Alberta, Saskatchewan and Manitoba. The Company also prepared for the product launch in the United States, increasing trademark registration, new labels and market specific inventory.
Vitality won its first alive Award from Canadian Retailers in recognition of Power Iron + Organic Spirulina. Vitality received a Bronze for Retailer Choice – Women's Products (www.alive.com/awards/2019/retailer-choice-womens-products). Previously, Vitality received two Consumer Choice alive Awards. The annual alive Awards recognize outstanding product innovation and are presented to manufacturers of the best products in a variety of health categories. Vitality Power Iron + Organic Spirulina represents 63% of the Company's revenue.
The Company's general and administrative expenses for the three months ended October 31, 2019 increased to $114,672 (2018 - $110,610). The cost of sales increased to $42,616 (2019 Q3 - $38,726) and wages and salary increased to $56,079 (2019 Q3 - $48,695). The Company received $49,117 (2019 Q3 - $12,185) of government assistance that offset additional resources spent on branding, marketing materials, salaries and expanding distribution channels.
Vitality's products are available for sale in 575 retail stores (2018 - 550 retail stores) located in Canada and online at vitality.ca, amazon.ca and well.ca; a list of retailers is on www.vitality.ca.
The Company's condensed interim financial statements and management's discussion and analysis for the nine months ended October 31, 2019 and 2018 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 575 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; 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
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.
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SOURCE Vitality Products Inc.
For further information: Vitality Products Inc., Cheryl A. Grant, President and CEO, (604) 591-1322, [email protected]