Trading Symbol: VPI
VANCOUVER, May 4 /CNW/ - Mr. William N. Grant, President & CEO of Vitality Products Inc. ("Vitality"), wishes to announce that he acquired ownership of 50,000 common shares in the capital of Vitality at an average price of $0.05 per share on the TSX Venture Exchange today. The 50,000 common shares of Vitality purchased by Mr. Grant represent 0.25% of the outstanding common shares of Vitality. Mr. Grant, through either direct ownership or indirect ownership, now beneficially owns and controls 4,419,734 common shares of Vitality or 22.22% of the outstanding common shares of Vitality.
Mr. Grant continues to rely on the normal course purchase exemption under Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids. Mr. Grant's offer to acquire common shares of Vitality is an exempt take-over bid as it satisfies all of the conditions of the normal course purchase exemption. These conditions are:
(1) Mr. Grant's bid is not more than 5% of the outstanding common shares
of Vitality as he purchased 0.25% of the outstanding common shares;
(2) The aggregate number of Vitality common shares acquired in reliance
on this exemption by Mr. Grant within any period of 12 months does
not exceed 5% of the outstanding common shares of Vitality at the
beginning of the 12-month period;
(3) There is a published market for Vitality common shares on the TSX
Venture Exchange; and
(4) The value of the consideration paid for any of the Vitality common
shares acquired by Mr. Grant is not in excess of the market price at
the date of the acquisition.
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 Vitality through market transactions, private
agreements, treasury issuances 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