Trading Symbol: VPI
VANCOUVER, May 31, 2017 /CNW/ - The financial results of Vitality Products Inc. for its year ended January 31, 2017 show a net loss of $143,561 or $0.01 per share compared to a net loss of $216,566 or $0.01 per share for the same period last year. Revenues for the year ended January 31, 2017 increased 61% to $199,809 (2016 - $123,767), as sales of the Company's premium natural health products increased 84% to $199,809 (2016 - $108,486). The Company's general and administrative expenses for the year ended January 31, 2017 decreased to $287,741 (2016 - $304,560) as the Company streamlines processes as it expands distribution and grows sales.
During its year ended January 31, 2017, the Company launched its fifth product: VITALITY® Power Iron + Organic Spirulina™. Power Iron + Organic Spirulina entered retail stores in June 2016 with pre-orders from over 135 established retail stores. In September 2016, Power Iron + Organic Spirulina won its first industry award: alive Award - Consumer Choice - Women's Products (www.alive.com/awards/2016/consumer-choice-womens-products). 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 has 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.
The financial results of the Company for the three months ended January 31, 2017 show a net loss of $25,864 or $0.00 per share compared to a net loss of $42,452 or $0.00 per share for the same period last year. Revenues for the three months ended January 31, 2017 increased 23% to $54,013 (2016 - $43,761).
Vitality products are available for sale in 400 retail stores (2016 - 275 retail stores) located in Canada. A full list of the retailers is available at www.vitality.ca.
The Company's audited financial statements and management's discussion and analysis for the years ended January 31, 2017 and 2016 are available on SEDAR 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]