Trading Symbol: VPI
VANCOUVER, Nov. 7 /CNW/ - Vitality Products Inc. (the "Company") is pleased to announce the appointment of Thomas Bartz to the newly created position of Chair of the Ethanol Project Analysis Team. Mr. Bartz has over 20 years of experience in the petrochemical industry. Mr. Bartz worked at ExxonMobil, British Petroleum, Tosco and Tesoro Petroleum during his career in the petrochemical industry. Mr. Bartz held various responsibilities while in the industry including engineering, business development, wholesale marketing, and merger and acquisitions. Mr. Bartz' most recent role was Vice President of Retail for Tesoro Petroleum. Mr. Bartz is currently CEO of Accelitec, Inc.
Mr. Bartz will be responsible for the analysis of a sufficiently detailed feasibility study to determine whether the proposed ethanol plant to be situated in Whatcom County, Washington (the "Plant") is economically feasible and he will assist the Company in making a decision to pursue the construction of the Plant. Other members of the Ethanol Project Analysis Team include Christopher Landrum, Project Coordinator; and David Evans, P.Eng., Project Manager. The Company has made considerable progress towards making a final decision whether to proceed with the construction of the Plant.
The Company is also pleased to announce the appointment of David Randle, B.Sc., an experienced marketing and product development specialist, who will further the development of consumer and commercial marketing and sales programs for the Company's existing approved natural nutraceuticals and condition specific formulated products. Mr. Randle has over 30 years of experience in consumer product marketing in Canada and the United States. In addition, Mr. Randle will investigate the opportunities for nutraceuticals and other consumer and commercial co-products that result from production at ethanol plants in the North American market.
The Company is arranging a non-brokered private placement of up to 5 million units of the Company at a subscription price of $0.60 per unit for gross proceeds of up to $3 million, subject to regulatory approval. Each unit consists of one common share and one share purchase warrant of the Company, and each such warrant will entitle the holder thereof to acquire one additional common share of the Company for a period of two years at a purchase price per common share of $0.75 for the first year and at a purchase price of $0.90 for the second year. Finders' fees will be paid on portions of the private placement. The private placement shares and any shares acquired upon exercise of the warrants will be subject to a four-month hold period. The net proceeds of the private placement to the Company will be used, in part, to further develop and enhance the Company's existing and related businesses, for general corporate purposes and to enhance the Company's resulting working capital position as a consequence thereof.
On behalf of the Board of
VITALITY PRODUCTS INC.
"William N. Grant" (signed)
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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.
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