Trading Symbol: VPI
VANCOUVER, July 23 /CNW/ - Vitality Products Inc. held its annual and special general meeting of shareholders ("AGM") on July 21, 2009. The board of directors is pleased to announce that all resolutions put to vote at the AGM passed with an average of 99.9% approval from the votes cast. Robert C. Fletcher, Rick V. Gannon, Brian L. Gessner and Stuart E. Pennington were elected to the board of directors for the first time at the AGM. Bruce J. McDonald (Chairman of the Board), Robert H. Grant and William N. Grant were re-elected to the board.
Robert C. Fletcher is the President and CEO of Genesis Marketing Group Inc., a beverage manufacturing and marketing company managing beverage brands marketed throughout North America. His business career started with Standard Brands in Vancouver. Mr. Fletcher has held senior management positions in large multinational Jacobs AG, and general management positions with Gray Beverage (Canada's largest Pepsi franchisee), FBI Brands Ltd. and Dairyworld Foods. Mr. Fletcher has been on the Board of Encorp Pacific and is currently the President of the Juice Council of BC. His experience has been in senior management with responsibility for operational success managing large teams. These responsibilities have included contract negotiation, product R&D, sales and marketing, operational management and financial reporting. Successes include bringing to market a host of new products in Canada and developing significant and profitable businesses. He is the past President of Tennis BC and has been involved with many successful events such as the Federation Cup held in North Vancouver. Mr. Fletcher graduated from Simon Fraser University with a degree in Business and Economics.
Rick V. Gannon is a widely respected and seasoned sales executive with over 20 years of successful leadership experience working with global food manufacturers, in both domestic and export markets. Over the course of his career, he has played a senior role in three major mergers, two acquisitions, and one of the largest leveraged buyouts in history. A passionate change agent and adept communicator, Mr. Gannon is regularly recognized for his ability to develop best-in-class sales structures, and for his success in building and maintaining highly successful sales teams. Mr. Gannon has been the Vice President, Sales of the Grocery Division of Kraft Canada Inc.; the Vice President, Business Development of the Grocery Division of Nabisco Ltd; and the Vice President, Sales of Nabisco Ltd. Mr. Gannon has a Bachelor of Arts (Economics/Philosophy) from the University of Notre Dame and a Sales and Marketing Diploma from the University of British Columbia.
Brian L. Gessner is a professional banker with over 20 years experience in the financial services industry with BMO Bank of Montreal Group of Companies. Currently, Mr. Gessner is Director of BMO Harris Private Banking which provides a full range of financial services to the ultra high net worth individual. Previous positions with BMO include Senior Manager of Dealership Finance for BC Division and Senior Commercial Banking Manager in Vancouver. He has in depth experience with debt financing in commercial and corporate finance, real estate lending, automotive financing, and complex syndicated capital debt structures. Mr. Gessner holds current designations including Certified Financial Planner (CFP), Fellowship of the Institute of Canadian Bankers (FICB), and a Bachelor of Commerce degree (with honours) from University of Manitoba. Mr. Gessner is the past Chairman of the National Board of Directors for the BMO Financial Group Employee Charity Foundation Canada.
Stuart E. Pennington has spent his entire 20-year career working with the ARCO Products Company, a part of BP. Most recently, Mr. Pennington was Regional Sales Manager for the Pacific Northwest (Oregon and Washington). Past positions include fleet supervision in the Los Angeles Basin, terminal operations, terminal management, distribution, franchise consulting, company store supervision, competitor intelligence, special projects, and a short assignment at the Cherry Point refinery as the blender of light and intermediate products. Additional responsibilities included providing information and expertise to visiting dignitaries/businessmen from various countries and companies that ARCO wished to do business with at the time. Mr. Pennington currently is working to organize a business structure for an ARCO franchisee that is purchasing 18 sites in the Renton/Tacoma area. He graduated from the University of Oregon with a Bachelor of Arts in Political Science and subsequently earned a MBA at the University of California. Mr. Pennington has been involved with the Birch Bay Steering Committee and is a financial and materiel supporter of Blaine High School athletics and academics.
William N. Grant, President & CEO, commented, "I am very pleased to welcome these gentlemen to the board of directors. Their collective talents and experiences will be extremely important to the future direction and success of the Company."
Bruce J. McDonald, Robert C. Fletcher and Brian L. Gessner have been appointed to the Company's audit committee and the Company's corporate governance committee. Mr. Fletcher and Mr. Gessner have replaced Robert H. Grant and William N. Grant on these committees.
Mr. Pennington will oversee the Company's prospective entry into alternate energy and the co-products derived from these sources. Mr. Gannon, together with William N. Grant, will define the strategic plan for a renewed Vitality company.
VITALITY TO ISSUE PREFERENCE SHARES FOR OUTSTANDING SHARE SUBSCRIPTION
The board of directors of Vitality Products Inc. is pleased to announce that the shares for debt resolution put to vote at the AGM on July 21, 2009 was passed by the disinterested shareholders with 100% approval from the votes cast. The shares for debt resolution relates to the Company's share subscription agreement dated April 17, 2008 with Consolidated Firstfund Capital Corp. to issue 46,000 Class "A" Preference Shares, Series 6 for share subscriptions received that total $460,000 (the "Agreement"), subject to regulatory approval, as reported in the Company's Press Release dated April 17, 2008. Subsequently, the TSX Venture Exchange (the "Exchange") determined that the Agreement was subject to Exchange Policy 4.3 - Shares for Debt and the Agreement required disinterested shareholder approval at the AGM as one of the conditions for receiving Exchange Acceptance of the Agreement. The Agreement remains subject to regulatory approval, including Exchange Acceptance.
For additional information on the Agreement and related matters refer to the Company's Notice of Annual and Special General Meeting of Shareholders dated June 23, 2009 and the Company's Information Circular dated June 23, 2009. These documents and additional information relating to the Company are on the SEDAR website at www.sedar.com.
VITALITY GRANTS 850,000 INCENTIVE STOCK OPTIONS
Vitality Products Inc. announces that, pursuant to its stock option plan, the Company has granted incentive stock options to directors, officers, employees, and consultants which will entitle the option holders to purchase up to 850,000 common shares of the Company at a price of $0.10 per share for a period of five years. These options are not subject to any vesting schedule and may be exercised at any time up to the expiry date of July 23, 2014. These options are subject to a four-month hold period commencing July 23, 2009. Shareholders ratified and approved, subject to regulatory approval, the continuance of the Company's 10% rolling stock option plan at the Company's AGM held on July 21, 2009.
On behalf of the Board of VITALITY PRODUCTS INC. "William N. Grant" (signed) ---------------------------------- William N. Grant, President & CEO Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E