A Novel Formulation
Vital Products Inc. recently announced it has discovered a new chemical composition for its Bio Foam product, for use in packaging applications. “Natural, renewable compositions in polymer chemistry have been the most discussed topic in the industry,” says Vital Products CEO Michael Levine. “Our discovery is significant from a chemical point of view and the markets perspective. We have formulated a composition that is 100 percent natural and renewable. This is a significant accomplishment and it further enhances our ability to meet our manufacturing cost model.”
Days after it announced the new formulation for its Bio Foam, Vital Products stated the company’s sales are expected to exceed $750,000 for the six-month period that ended Jan. 31. According to Levine, the company has already surpassed the volume of sales it had during its 2010 financial year and is well on its way to exceeding the $1 million sales estimate that was issued in late 2010.
The most recent documentation filed with the U.S. Securities and Exchange Commission shows that Vital Products Inc. has achieved revenue of $766,862 for the six months ending Jan. 31. Revenue listed from the same period of 2010 was only $27,862. According to the filing, the increase in revenue for the most recent six-month period is attributed primarily to a licensing agreement that has been signed with Den Packaging Corp. During the same six month periods of 2010-’11, the company posted respective net losses of $469,447 and $138,013.