TSXV Trading Symbol: VPI
VANCOUVER, BC, July 2, 2024
/CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or
"Vitality"), a manufacturer, marketer and distributor of premium
vitamins and supplements, is pleased to report its financial
results for the first quarter ended April
30, 2024 and provide a business update.
Quarter 1 Results: Strong Gross Margins and Reduced Net Loss
in Q1
Year-Over-Year Financial Highlights:
- Reduced Net Loss by 65%
- Maintained Sales in Q1
- Achieved 72% Gross Margin on Product Sales
- Reduced General Selling Expenses by 48%
- Reduced General and Administrative Expenses by 22%
The financial performance of the Company for the three months
ended April 30, 2024 and 2023 show a
65% reduction in net loss as the Company continues to make
significant strides towards its goal of profitability on a
quarterly basis. The financial results of the Company for the three
months ended April 30, 2024 show a
net loss of $40,455 or $0.00 per share compared to a net loss of
$115,747 or $0.00 per share for the same period last
year.
Sales of the Company's premium natural health products for the
three months ended April 30, 2024
increased 1% to $196,879 (2023 -
$195,069). The Company's gross margin
on its sales for the three months ended April 30, 2024 was $141,662 or 72% of sales (2023 - $142,786 or 73% of sales) as the Company
continues to have strong gross margins due to the uniqueness of its
natural health products. During the three months ended April 30, 2024, sales were impacted by product
stock outs due to higher demand for VITALITY Glow Collagen +
Cranberry (all sizes) and VITALITY Glow Collagen + Biotin (255
grams). All other products are in stock.
The Company's general selling expenses for the three months
ended April 30, 2024 decreased 48% to
$40,364 (2023 - $77,591). The Company's general and
administrative expenses for the three months ended April 30, 2024 decreased 22% to $137,871 (2023 - $176,595) as consulting fees decreased to
$4,911 (2023 - $37,772). The Company continues its effort to
improve overall operating efficiencies while focused on expanding
distribution and growing sales in Canada and the
United States.
Business Update
"Following the success of improving operations, Management is
focused on growing sales" says Cheryl
Grant, President and CEO. "We believe in the significant
potential of Vitality to change people's health and be a leading
name in natural health."
Meetings with Potential Investors and Business
Opportunities
Management has explored multiple business opportunities for
international sales, potential acquisition or mergers with similar
businesses including AI, digital health applications, and product
lines. Management continues to look at opportunities to grow the
business.
Increasing Sales Staff for Sales Growth
Management plans to hire two additional sales staff to support
sales in fiscal 2025 to increase product turn at retail stores and
increase points of distribution. The staff are anticipated to join
the Company in July 2024.
Marketing VITALITY to Retailers and Consumers
During Q1, VITALITY exhibited at three significant industry
tradeshows and co-hosted consumer seminars. Consumer seminars have
been unavailable at key retailers since the pandemic began in
March 2020. The Company met with
prospective retailer buyers at Natural Products Expo West in
California (March 2024), CHFA
NOW in Vancouver (April 2024) and SENPA Healthfest in Dallas, Texas (April
2024). VITALITY had its first Whole Foods Markets
national endcap in Canada in
April 2024.
Winner of a Delicious Living Award – Consumer Choice –
Children's Health
The prestigious Delicious Living award, which is recognized as
the leading award in the natural health industry in the United States, was awarded to VITALITY
Magnesium + Chamomile for Kids at Natural Products Expo West. This
is VITALITY's first recognition with a Delicious Living award.
The Company's condensed interim financial statements and
management's discussion and analysis for the three months ended
April 30, 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 in
Canada and currently sold in
natural health stores and online, the products are non-GMO and
third party tested for quality. 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.
