Business
Clarification press release for Vitality
Clarification press release for Vitality.
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nThe disclosure in this press release is at the request of the TSX Venture\n\n\nExchange.\n\n\nCLARIFICATION OF COMPANY AFFAIRS AS ANNOUNCED IN THE COMPANY'S APRIL 23,\n\n\n2007 PRESS RELEASE\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, Aug. 28 /CNW/ - On April 23, 2007, the Company publicly\nannounced that it had determined to establish a division to be called\n"Vitality Fuels" to produce "alternative non-fossil fuels including ethanol,\nbio-diesel and co-products such as animal feed and nutraceuticals" (the\n"April 23, 2007 Release"). The April 23, 2007 Release went on to describe the\ncapacity of a production plant (the "Plant"), what the capital costs of the\nPlant would be, the source of the capital, and the estimated revenues and\nprofits that the Plant would generate.\n\n\nThe April 23, 2007 Release should be clarified as follows: at this time,\nthe plan to construct the Plant is in the embryonic stage. The Company has not\nyet completed a sufficiently detailed feasibility study to determine whether\nthe Plant is economically feasible and therefore the Company has not yet made\na decision to pursue the construction of the Plant. The Company has no\nexecuted sales agreements in place relating to the proposed Plant with the\nentities noted in the April 23, 2007 Release or any other entity. The Company\nhas no executed financing agreements in place relating to the proposed Plant\nand there are no commitments from or applications made by the Company for\nfinancing to the United States Department of Agriculture ("USDA") or the\nUnited States Department of Energy ("DOE"). Consolidated Firstfund Capital\nCorp., a company related by common directors and common officers, will act as\nagent for the Company in efforts to arrange for the financing of the proposed\nPlant on a best efforts basis should the Company decide to proceed.\n\n\nThe Company has not purchased land in connection with the construction of\nthe Plant or made any commitments to do so. It is, however, in the process of\nselecting a suitable site. The Company has entered into discussions with\nvarious engineering firms in conjunction with the construction of the proposed\nPlant but no engineering has begun as yet and there are no executed agreements\nwith any engineering firm at this time. The April 23, 20...