Trading Symbol: VPI
VANCOUVER, Dec. 21 /CNW/ - Vitality Products Inc. (the "Company") has terminated its agreement with Carlyle Capital Corporation to provide investor relations and corporate finance and investment sourcing related services to the Company.
VITALITY NOT TO PROCEED WITH SHARES FOR DEBT SETTLEMENT AND ISSUANCE OF PREFERENCE SHARES, SERIES 6
The Company has determined not to proceed with entering into the shares for debt settlement to settle aggregate indebtedness in the amount of $460,000 by way of the issuance of 2.3 million common shares of the Company at a deemed settlement price of $0.20 per share announced in the Company's December 6, 2007 Press Release.
The Company has also determined not to proceed with entering into agreements with holders of the Company's Class "A" Preference Shares, Series 3 to issue Class "A" Preference Shares, Series 6 in exchange for the outstanding Class "A" Preference Shares, Series 3 plus all unpaid dividends accrued thereon to the date of the exchange announced in the Company's December 6, 2007 Press Release.
VITALITY'S LIQUIDITY AND CAPITAL RESOURCES
The Company had cash and cash equivalents of approximately $675,000 at November 30, 2007. The Company has adequate working capital to continue its operations for a minimum of six months, including the completion of the $200,000 study to determine the feasibility of establishing an operating subsidiary, Vitality Fuels, to build and to operate a proposed plant that will produce alternative non-fossil fuels including ethanol, bio diesel and co-products such as animal feed and nutraceuticals expected to be completed in March 2008. The Company's unaudited financial statements and management's discussion and analysis for the nine-month period ended October 31, 2007 will be released on December 28, 2007.
Forward-Looking Information Statements: This release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. These statements are not guarantees of future performance and involve a significant number of risks, uncertainties and assumptions.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
---------------------------------
William N. Grant, President & CEO
Tel: (604) 683-6611
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E