TSXV Trading Symbol: VPI
VANCOUVER, BC, July 17, 2020 /CNW/ – Vitality Products Inc. (TSXV: VPI) (the “Company” or “Vitality”), an award-winning line of vitamins and natural health supplements, is pleased to report its financial results for its first quarter ending April 30, 2020. Vitality achieved a 90% increase in sales during the first quarter primarily driven by the growth of online sales on Amazon in Canada and the United States.
“Q1 presented Vitality with unexpected challenges and opportunities with the growth of online sales and rapid changes to the retail environment and product production with COVID-19,” said Cheryl Grant, President & CEO of Vitality Products Inc. “The Company did not waiver in our investment into our staff, online sales or our strategy for long-term sales growth and value for our shareholders. We are pleased with the 90% sales increase in Q1, building upon the 86% increase in sales in the previous quarter.”
The financial results of the Company for the three months ended April 30, 2020 show a net loss of $52,444 or $0.00 per share compared to a net loss of $29,049 or $0.00 per share for the same period last year. Sales for the three months ended April 30, 2020 of the Company’s premium vitamins and supplements increased 90% to $190,823 (2019 – $100,367). The Company’s general and administrative expenses for the three months ended April 30, 2020 increased to $192,235 (2019 – $96,739). Wages and salary significantly increased to $89,325 (2019 – $32,863) as Vitality expanded the sales team in British Columbia, Alberta and Ontario and maintained the sales team during the COVID-19 pandemic. Promotion more than doubled to $43,992 (2019 – $21,306) as the Company increased advertising spend with a priority focus on online sales with amazon.com, amazon.ca and vitality.ca, and CHFA Tradeshow in Canada.
New Product Introduction
In the final weeks of Q1, Vitality introduced two new natural health products: VITALITY Daily Iron + Organic Spirulina™ and VITALITY Trace Minerals + Chlorella™. The Company has also launched three additional products in Q2 (May-July 2020).
The Company’s condensed interim financial statements and management’s discussion and analysis for the three months ended April 30, 2020 and 2019 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, and currently sold in 600 natural health stores and online, the products are vegan, 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.
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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