Trading Symbol: VPI
VANCOUVER, May 30 /CNW/ - The financial results of the Company for its year ended January 31, 2008 show a net loss of $733,216 or $0.05 per share compared to a net loss of $338,355 or $0.03 per share for the same period last year. The Company's net loss increased significantly in 2008 as the Company recognized a stock based compensation expense of $380,460. The stock based compensation expense is high due to the assumptions required in the Black-Scholes option-pricing model, specifically, the Company's stock price volatility over the past five years.
The financial results of the Company for the three months ended January 31, 2008 show a net loss of $532,476 or $0.03 per share compared to a net loss of $238,801 or $0.02 per share for the same period last year. The Company recognized the stock based compensation expense of $380,460 (2007 - $nil) during the fourth quarter of fiscal 2008.
The Company's audited financial statements and management's discussion and analysis for the year ended January 31, 2008 are available on SEDAR at www.sedar.com.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
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William N. Grant, President & CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E