Trading Symbol: VPI
VANCOUVER, May 31, 2018 /CNW/ - The financial results of Vitality Products Inc. (the "Company" or "Vitality") for its year ended January 31, 2018 show a net loss of $27,468 or $0.00 per share compared to a net loss of $161,213 or $0.01 per share for the same period last year. Sales for the year ended January 31, 2018 of the Company's premium natural health products increased 115% to $429,208 (2017 - $199,809). The Company's general and administrative expenses for the year ended January 31, 2018 increased to $328,724 (2017 - $287,741) as the Company expanded distribution and grew sales. The Company continues to focus its efforts on expanding distribution and sales and raised $500,000 in April 2018 to further Vitality's growth.
The Company has retrospectively revised the accounting for the following three items causing the restatement of the January 31, 2017 comparatives. First, the redeemable preference shares Series 1 and 3 have been presented as a current liability because they are redeemable at the option of the holder. Second, prior to January 31, 2018, the Company disclosed the aggregate amount of the cumulative dividends on its redeemable preference shares. In the current fiscal year, management determined the accounting treatment for these dividends should be to accrue the cumulative dividends because these shares are redeemable and are presented as a financial liability. Third, the Company's investment property has been reclassified from property and equipment. A summary of the effect of these changes is in Note 4 to the financial statements for the years ended January 31, 2018 and 2017.
The financial results of the Company for the three months ended January 31, 2018 show a net loss of $11,701 or $0.00 per share compared to a net loss of $30,313 or $0.00 per share for the same period last year. Sales for the three months ended January 31, 2018 increased 68% to $90,676 (2017 - $54,013).
Vitality's products are available for sale in 525 retail stores (2017 - 400 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 audited financial statements and management's discussion and analysis for the years ended January 31, 2018 and 2017 are available on SEDAR 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 525 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, 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.
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., Julian Burreci, Investor Relations Specialist, (604) 967-3007, [email protected]; W. Douglas Grant, President and CEO, (604) 683-6611, [email protected]