Business
Vitality business update
Trading Symbol: VPI VANCOUVER, Sept. 16 /CNW/ - Vitality Products Inc. (the "Company") continues ...
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, Sept. 16 /CNW/ - Vitality Products Inc. (the "Company")\ncontinues to develop its line of nutraceutical products. The Company has\nreceived Natural Health Product Numbers ("NPNs") for 49 products, including\n21 compendial NPNs and 28 transitional NPNs. The Company has Drug\nIdentification Numbers for 60 products. This is an adequate number of approved\nproducts for the Company to proceed with its marketing program.\n\n\nFurther to the Company's Press Release dated April 3, 2008, the Company\ncontinues the process of selecting a suitable site for the location of the\nproposed plant in Whatcom County, Washington. The primary reason for the delay\nin the completion of the feasibility study is that the Company is waiting for\nconfirmation from BP that the site desired is available for purchase. The\nCompany remains in contact with BP but no definitive date has been set for\nwhen the Company may expect a response from BP. The Company is scheduled to\nmeet with BP again before the middle of October. The Company needs to finalize\na specific site selection before it can complete the feasibility study. If the\nfeasibility is positive, financing will take three to six months assuming\nmarket conditions are favourable.\n\n\nMany of the requirements to build the proposed plant at a Whatcom County\nsite are satisfied. The Company has received confirmations of the availability\nof water, power, natural gas, rail and road transportation, and grain feed\nstock (corn). The Company has received interest in purchasing ethanol from the\nproposed plant and the US federal government's energy bill of 2007 will\nincrease demand for ethanol in the US market in the long term. The Company has\nno executed binding agreements in place relating to the proposed plant with\nany of the entities that have provided confirmations, letters of intent or\nletters of interest for the purpose of assisting in the completion of the\nfeasibility study.\n\n\nThe purposes of the feasibility study are to provide the Company with a\ndefinitive conclusion as to the economic viability of the proposed plant and\nto assist the Company in raising the necessary funds to build the proposed\nplant, to present to potential investors and lenders who will be able to rely\nupon this report in making an investment decision. ...