Ms. Cheryl Grant reports

Vitality ANNOUNCES THIRD QUARTER RESULTS

Vitality Products Inc. has released its financial results for the third quarter ended Oct. 31, 2024.

The financial results of the company for the three months ended Oct. 31, 2024 show a net loss of $32,225 or zero cents per share compared with a net loss of $21,025 or zero cents per share for the same period last year. During the three months ended Oct. 31, 2024, sales were impacted by temporary product stockouts of Vitality Power Iron + Organic Spirulina (all sizes) due to demand and manufacturing delays.

Significantly, Vitality won two alive awards in October, 2024, which recognize the best of the natural health industry in Canada. The company received an alive Silver Award voted by retailers for Vitality Power Iron + Organic Spirulina as Favourite Women's Product. The company also received an alive Bronze Award for Vitality Magnesium + Chamomile for Kids as Favourite Children's Product chosen by consumers.

Vitality is an award-winning line of clean vitamins and supplements, marketed to natural health retailers, and health- and wellness-conscious consumers. Vitality has now received 13 awards in Canada, and two awards in the United States including consumer and retailer choice. The awards include recognition for best new supplement, women's health and children's health. Vitality has won eight industry awards which recognize outstanding product innovation for Power Iron + Organic Spirulina, including one award from Clean Choice Awards and seven alive awards.

Sales of the company's premium natural health products for the three months ended Oct. 31, 2024, decreased 16 per cent to $194,455 (2023 -- $231,816). The company's gross margin on its sales for the three months ended Oct. 31, 2024, was $135,665 or 70 per cent of sales (2023 -- $166,488 or 72 per cent of sales) as the company continues to have strong gross margins due to the uniqueness of its natural health products.

The company's general selling expenses for the three months ended Oct. 31, 2024, decreased 34 per cent to $27,016 (2023 -- $40,870). The company's general and administrative expenses for the three months ended Oct. 31, 2024, decreased 3 per cent to $137,518 (2023 -- $141,960). The company continues its effort to improve overall operating efficiencies while focused on expanding distribution and growing sales in Canada and the United States.

The company's condensed interim financial statements and management's discussion and analysis for the nine months ended Oct. 31, 2024, and 2023 are available on SEDAR+.

About Vitality Products Inc.

Vitality is an award-winning line of clean vitamins and supplements, marketed to natural health retailers and health- and wellness-conscious consumers. Manufactured in Canada and currently sold in natural health stores and on-line, the products are non-genetically modified and third party tested for quality. 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 on-line; evaluating, researching and developing new products for future distribution; and exploring new markets for its products.

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