TSXV Trading Symbol: VPI
VANCOUVER, BC, May 30, 2024
/CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or
"Vitality") is pleased to report its financial results for the
fourth quarter and the fiscal year ending January 31, 2024.
Sales for the three months ended January
31, 2024 of the Company's premium natural health products
increased 8% to $171,704 (2023 -
$159,559). The financial
results of the Company for the three months ended January 31, 2024 show a net loss of $30,020 or $0.00
per share compared to a net loss of $117,694 or $0.00
per share for the same period last year. The Company's
general selling expenses decreased to $29,932 (2023 - $56,378). The Company's general and
administrative expenses for the three months ended January 31, 2024 decreased to $123,683 (2023 - $175,067) as consulting fees decreased to
$8,598 (2023 - $39,319). The Company continues its effort
to improve overall operating efficiencies while focused on
expanding distribution and growing sales in Canada and the
United States.
"We are pleased with the steps taken over the last year to
streamline operations and are focused on steps to increase sales in
the year ahead," said Cheryl Grant,
President.
The financial results of the Company for its year ended
January 31, 2024 show a net loss of
$269,038 or $0.01 per share compared to a net loss of
$537,265 or $0.01 per share for the same period last
year. Sales for the year ended January
31, 2024 decreased 5% to $787,223 (2023 - $826,580). The Company's general selling
expenses decreased to $197,964 (2023
- $309,659). Selling fees
decreased to $30,607 (2023 -
$73,628) as the Company discontinued
the outsourcing of its distribution and warehousing. The
Company's general and administrative expenses decreased to
$626,392 (2023 - $824,938) as consulting fees decreased to
$71,580 (2023 - $156,394) and wages and salary decreased to
$362,560 (2023 - $418,215).
Vitality has 13 natural health products (encompassing 25 SKUs)
sold in Canada and the United States including VITALITY Power
Iron + Organic Spirulina. Vitality has won seven industry
awards which recognize outstanding product innovation for Power
Iron + Organic Spirulina, including one award from Clean Choice
Awards and six alive Awards. The Company has filed all 13
natural health products with the Food and Drug Administration (FDA)
for sale in the United States.
The Company's audited financial statements and management's
discussion and analysis for the years ended January 31, 2024 and 2023 are available on SEDAR+
at www.sedarplus.com.
About Vitality
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,
Canada and currently sold in 600
natural health stores and online, the products are 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. To view our products, visit: www.vitality.ca.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant" (signed)
__________________________________
Cheryl A. Grant, President &
CEO
Forward-Looking Information
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.