Trading Symbol: VPI
VANCOUVER, Oct. 18 /CNW/ - Vitality Products Inc. (the "Company") has issued a total of 1,202,885 common shares in the capital of the Company pursuant to the conversion of 32,927 Class "A" Preference Shares, Series 5 at a deemed value of $10.00 per share in the capital of the Company, plus all unpaid dividends accrued thereon to the date of conversion, at the conversion price of $0.3388 per common share. The Class "A" Preference Shares, Series 5 (the "Preference Shares"), with a par value of $10 each have a 6% cumulative dividend payable annually that commenced October 31, 2004. The Preference Shares and the cumulative dividends are convertible into common shares of the Company on or before October 31, 2008. The conversion price for the first two years was $0.28 per common share and the conversion price in each subsequent year is 10% higher than the conversion price in the preceding year.
Consolidated Firstfund Capital Corp. ("Firstfund") has received 570,299 common shares pursuant to the conversion of its 15,611 Preference Shares, plus all unpaid dividends accrued thereon to the date of conversion. Costar Marketing Corp., a wholly owned subsidiary of Firstfund, has received 70,872 common shares pursuant to the conversion of its 1,940 Preference Shares, plus all unpaid dividends accrued thereon to the date of conversion. William N. Grant, a director and officer of the Company, owns 72.2% of Firstfund.
Upon the completion of the conversion, the Company has 19,887,285 common shares outstanding and no Class "A" Preference shares, Series 5 outstanding.
On behalf of the Board of
VITALITY PRODUCTS INC.
"W. Douglas Grant" (signed)
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W. Douglas Grant, Vice President & CFO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E