TSXV Trading Symbol: VPI
VANCOUVER, BC, July 18, 2023 /CNW/ - Vitality Products Inc. (TSXV: VPI) (the "Company" or "Vitality") held its annual and special general meeting of shareholders ("AGM") on July 18, 2023. The Board of Directors is pleased to announce that all resolutions put to a vote at the AGM passed with a 99.97% or higher approval from the votes cast. Audra J. Davies, Richard V. Gannon, Cheryl A. Grant (President & CEO), W. Douglas Grant (Vice President & CFO), Stuart E. Pennington and Joanne F. Q. Yan were re-elected to the Board of Directors.
VITALITY ADOPTS NEW SHARE OPTION PLAN
Shareholders ratified, confirmed and approved, subject to regulatory approval, the adoption of the Company's new 20% fixed share option plan (the "Fixed Option Plan") at the Company's AGM held on July 18, 2023. On June 8, 2023, the Board of Directors approved the adoption of the Fixed Option Plan, subject to shareholder and regulatory approval, to align with the current TSX Venture Exchange ("TSXV") policies on equity compensation plans. The purpose of the Fixed Option Plan is to promote the interests of the Company and its shareholders by aiding the Company in attracting and retaining employees, officers, consultants, advisors and non-employee directors capable of assuring the future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company's business and to compensate such persons through stock option arrangements and provide them with opportunities for stock ownership in the Company, thereby aligning the interests of such persons with the Company's shareholders.
The maximum aggregate number of common shares of the Company that may be reserved for issuance under the Fixed Option Plan, together with all other security based compensation plans, at any point in time shall not exceed 8,282,257 common shares, which represents 20% of the outstanding shares upon the date of approval of the Fixed Option Plan by the Board of Directors. The Fixed Option Plan will replace the Company's current Rolling Option Plan. All future stock option grants will be made pursuant to, or as otherwise permitted by, the Fixed Option Plan, and no further stock option grants will be made pursuant to the Company's Rolling Option Plan. The Fixed Option Plan will supersede and replace the Company's Rolling Option Plan. There are 1,195,000 stock options outstanding.
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VITALITY is an award-winning line of clean vitamins and supplements, marketed to natural health retailers and health and wellness conscious consumers. Manufactured locally in BC, Canada and currently sold in 600 natural health stores and online, the products are non-GMO and third party tested. Following the proven success of the line through repeat orders and same store sales growth, the Company is focused on expanding distribution and growing sales in-store and online; evaluating, researching and developing new products for future distribution; and exploring new markets for its products.
On behalf of the Board of
VITALITY PRODUCTS INC.
"Cheryl A. Grant" (signed)
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Cheryl A. Grant, President & CEO
SOURCE Vitality Products Inc.