Trading Symbol: VPI
VANCOUVER, Oct. 18 /CNW/ - Mr. William N. Grant, President & CEO of Vitality Products Inc. ("Vitality"), wishes to announce that he has acquired indirect ownership of 641,171 common shares in the capital of Vitality pursuant to the conversion by Consolidated Firstfund Capital Corp. ("Firstfund") and Costar Marketing Corp. ("Costar") of Class "A" Preference Shares, Series 5 at a deemed value of $10.00 per share in the capital of Vitality ("Preference Shares"). Firstfund acquired 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, at the conversion price of $0.3388 per common share. Costar acquired 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, at the conversion price of $0.3388 per common share. William N. Grant, a director and officer of Vitality, owns 72.2% of Firstfund. Costar is a wholly owned subsidiary of Firstfund.
Upon the completion of the conversions, Vitality has 19,887,285 common shares outstanding. The 641,171 common shares purchased by Firstfund and Costar through the conversions represent 3.22% of the outstanding common shares of Vitality. After the completion of the conversions, Mr. Grant, through either direct ownership or indirect ownership, beneficially owns and controls 3,378,585 common shares or 16.99% of the outstanding common shares of Vitality.
Mr. Grant acquired the common shares for investment purposes and may, depending on market and other conditions, increase or decrease his ownership position in securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of options, convertible securities or otherwise. A copy of the Early Warning Report will be available on the SEDAR website at www.sedar.com.
"William N. Grant" (signed)
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William N. Grant
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00005856E