TSXV Trading Symbol: VPI
VANCOUVER, BC, July 18, 2023 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or "Vitality") held its annual and special general meeting of shareholders ("AGM") on July 18, 2023. The Board of Directors is pleased to announce that all resolutions put to a vote at the AGM passed with a 99.97% or higher approval from the votes cast. Audra J. Davies, Richard V. Gannon, Cheryl A. Grant (President & CEO), W. Douglas Grant (Vice President & CFO), Stuart E. Pennington and Joanne F. Q. Yan were re-elected to the Board of Directors.
Shareholders ratified, confirmed and approved, subject to regulatory approval, the adoption of the Company's new 20% fixed share option plan (the "Fixed Option Plan") at the Company's AGM held on July 18, 2023. On June 8, 2023, the Board of Directors approved the adoption of the Fixed Option Plan, subject to shareholder and regulatory approval, to align with the current TSX Venture Exchange ("TSXV") policies on equity compensation plans. The purpose of the Fixed Option Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, advisors and non-employee directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company's business and to compensate such persons through stock option arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company's shareholders.
The maximum aggregate number of common shares of the Company that may be reserved for issuance under the Fixed Option Plan, together with all other security based compensation plans, at any point in time shall not exceed 8,282,257 common shares, which represents 20% of the outstanding shares upon the date of approval of the Fixed Option Plan by the Board of Directors. The Fixed Option Plan will replace the Company's current Rolling Option Plan. All future stock option grants will be made pursuant to, or as otherwise permitted by, the Fixed Option Plan, and no further stock option grants will be made pursuant to the Company's Rolling Option Plan. The Fixed Option Plan will supersede and replace the Company's Rolling Option Plan. There are 1,195,000 stock options outstanding.
Visit our 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.
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.
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