TSXV Trading Symbol: VPI
VANCOUVER, BC, May 31, 2021 /CNW/ - Vitality Products Inc.
(TSXV: VPI) (the "Company" or "Vitality") is pleased to report its
financial results for the fourth quarter and the fiscal year ending
January 31, 2021. Vitality has
achieved its highest sales total for one fiscal year since the
revitalization and launch of Vitality.
The financial results of the Company for its year ended
January 31, 2021 show a net loss of
$179,918 or $0.01 per share compared to a net loss of
$62,943 or $0.00 per share for the same period last
year. Sales for the year ended January
31, 2021 of the Company's premium natural health products
increased 30% to $802,775 (2020 -
$618,171) as Vitality doubled its
product line to include new innovative products in June 2020.
The Company's general and administrative expenses for the year
ended January 31, 2021 increased to
$741,050 (2020 - $499,518). Wages and salary increased to
$342,220 (2020 - $218,527) as Vitality expanded the sales team in
British Columbia, Alberta and Ontario. Promotion increased
to $125,985 (2020 - $75,313) as the Company increased advertising
spend with a priority focus on new listings and online sales with
amazon.com, amazon.ca and vitality.ca.
During the fourth quarter of fiscal 2021, Vitality sales
decreased 4% to $196,770 (2020 Q4 -
$204,058). The financial
results from operations show a net loss of $10,563 (2020 Q4 - $28,115). General and administrative
expenses decreased to $141,997 (2020
Q4 - $172,724) as wages and salary
decreased to $57,830 (2020 Q4 -
$79,284). During the fourth
quarter of fiscal 2021, the Company's sales team in British Columbia became responsible for all
distribution channels across Canada.
The Company's audited financial statements and management's
discussion and analysis for the years ended January 31, 2021 and 2020 are available on SEDAR
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.
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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.