TSXV Trading Symbol: VPI
VANCOUVER, BC, June 29,
2023 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the
"Company" or "Vitality") is pleased to report its financial results
for the first quarter ended April 30,
2023.
The financial results of the Company for the three months ended
April 30, 2023 show a net loss of
$115,747 or $0.00 per share compared to a net loss of
$158,425 or $0.00 per share for the same period last
year. Sales for the three months ended April 30, 2023 of the Company's premium natural
health products decreased 21% to $195,069 (2022 - $245,713). Revenues decreased due to a
decline in sales directly to Canadian natural health retailers.
The Company's general selling expenses decreased to $77,591 (2022 - $130,499). Selling fees decreased to
$7,882 (2022 - $28,149) as the Company discontinued the
outsourcing of its distribution and warehousing. The
Company's general and administrative expenses for the three months
ended April 30, 2023 decreased to
$176,595 (2022 - $205,201) as wages and salary decreased to
$95,759 (2022 - $128,685). The Company continues its effort
to improve overall operating efficiencies while remaining focused
on the launch of its complete line of products in the United States and expanding distribution
and growing sales nationally.
Vitality exhibited at CHFA NOW in April
2023 in Vancouver, Canada
where Vitality was nominated for three industry awards including:
Women of Influence for Cheryl Grant,
President & CEO, Brand Impact Award and Marketing Award.
Vitality met with current and prospect retailers at the CHFA NOW
show, one of Canada's largest
industry tradeshows, to reconnect with established retailers and
meet prospect retailers and online sellers.
In March 2023, Vitality promoted
its award-winning line of vitamins and supplements to US retailers
at Natural Products Expo West - the industry's largest US
tradeshow. Vitality exhibited its products in its own 10' x
20' booth in the Supplements Hall at the Anaheim Convention Centre
on March 9 to 11, 2023
(www.expowest.com). The US tradeshow occurred shortly after
Vitality was included in Natural Products Canada's report Game
Changers: Leading Companies Powered by Women, a new list of 100
companies that provides an interesting look at the women leading
Canada's growing natural and
bio-based industries (www.canadiangamechangers.ca).
The Company's condensed interim financial statements and
management's discussion and analysis for the three months ended
April 30, 2023 and 2022 are available
on the SEDAR website at www.sedar.com.
About Vitality
Visit our new Investor site: investinvitality.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,
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.
