TSXV Trading Symbol: VPI
VANCOUVER, BC, Sept. 29, 2022 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or "Vitality") is pleased to report its financial results for the second quarter ended July 31, 2022.
Sales for the three months ended July 31, 2022 of the Company's premium natural health products decreased 3% to $190,581 (2021 - $197,367). The financial results of the Company for the three months ended July 31, 2022 show a net loss of $179,760 or $0.01 per share compared to a net loss of $250,412 or $0.01 per share for the same period last year.
The Company's general and administrative expenses for the three months ended July 31, 2022 decreased to $245,629 (2021 - $308,746) as wages and salary decreased to $100,670 (2021 - $164,193). The Company's general selling expenses decreased to $66,261 (2021 - $78,958) as the Company focused on the launch of its complete line of products in the United States as well as expanding distribution and growing sales nationally.
In July 2022, the Company signed an exclusive agreement for distribution of Vitality's premium line of vitamins and supplements across the United States with Threshold Enterprises ? a leading national wholesale distributor of dietary supplements and health care products to the natural foods industry and health care professionals. Threshold has a team of 40 sales representatives and distributes from two warehouses to 5,500 retailers across 50 states and internationally. Threshold, as one of the leading distributors, works with 450 leading natural brands and will support the marketing and sales of Vitality into retailers.
Vitality is targeting sales in the Western US and signed Grass Roots Marketing, an established broker, to build sales. Grass Roots Marketing provides an exceptional full-service sales and marketing team for natural, organic, and specialty brands. Their committed staff of 26 are dedicated to providing superior natural and specialty brokerage services including bringing products to top distributors, retailers and ongoing sales management in the Pacific Northwest, California, and Western States.
The Company's condensed interim financial statements and management's discussion and analysis for the six months ended July 31, 2022 and 2021 are available on the SEDAR website at www.sedar.com.
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
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.
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SOURCE Vitality Products Inc.
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