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TSXV Trading Symbol: VPI
VANCOUVER, BC, Dec. 30, 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 third quarter ending October 31, 2020. Vitality achieved a 26% increase in sales during the third quarter primarily driven by the expansion of the product line into current retail locations, new retailers and online sales on Amazon in Canada and the United States.
During the third quarter, the Company received 5 alive Awards, recognizing the best in the Canadian natural health industry. Vitality was recognized with the honour of Best New Supplement – Retailer Choice (Gold) for Trace Minerals + Chlorella, Best New Supplement – Consumer Choice (Gold) for Vitality Glow Collagen + Cranberry, and Women’s Products – Retailer Choice (Silver) for Power Iron + Organic Spirulina.
The Company’s third quarter sales increased significantly due to listings of new products launched in the second quarter including at Choices Markets (10 locations), Nature’s Fare (7 locations), Healthy Planet (29 locations), Vita Health (7 locations) and online at vitasave.ca, yeswellness.com, amazon.ca and amazon.com.
With the launch of the new products and increased promotion, the financial results of the Company for the three months ended October 31, 2020 show a net loss of $42,189 or $0.00 per share compared to a net income of $1,223 or $0.00 per share for the same period last year. Sales for the three months ended October 31, 2020 of the Company’s premium vitamins and supplements increased 26% to $205,437 (2019 – $162,809). The Company’s general and administrative expenses for the three months ended October 31, 2020 increased to $185,601 (2019 – $114,672). Wages and salary increased to $97,461 (2019 – $56,079). Promotion tripled to $30,120 (2019 – $9,457) as the Company increased advertising spend with a priority focus on new listings and online sales with amazon.com, amazon.ca and vitality.ca.
New Product Introduction
Vitality has 11 natural health products (encompassing 22 SKUs) sold in Canada. In June 2020, the Company doubled its product line to include new innovative products: Magnesium + Chamomile for Kids; Magnesium + Chamomile for Adults in powder and capsules; Daily Iron + Organic Spirulina (a lower dose iron supplement to build on the success of Power Iron); and Trace Minerals + Chlorella. In July 2020, the Company added a line extension Vitality Glow with its first signature product Collagen + Cranberry to appeal to Vitality’s female customer base. The Company has filed all new products with the Food and Drug Administration (FDA) for sale in the United States.
The Company’s condensed interim financial statements and management’s discussion and analysis for the nine months ended October 31, 2020 and 2019 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, 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.
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.
https://markets.businessinsider.com/news/stocks/vitality-announces-third-quarter-results-1029926304
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