MONTREAL, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Relevium Technologies Inc. (TSX.V: “RLV”, OTC: “RLLVF” and Frankfurt: “6BX”) (the “Company” or “Relevium”) is pleased to provide an update on all major corporate initiatives and ongoing disclosure obligations.
UPDATE ON THE FILING OF AUDITED STATEMES AND FIRST QUARTER INTERIM S
We are pleased to provide an update to its previously disclosed management cease trade order ("MCTO"), announced on October 27, 2020, in respect to the audited annual financial statements for the year ended June 30, 2020, the interim financial statements for the first quarter of operations for the three months ended September 30, 2020 and corresponding management's discussion and analysis for both filings. (collectively, the “Required Financial Filings”) that were not filed by the required filing deadline of October 28, 2020 for the annual and November 30, 2020 for the interim.
The MCTO will allow the Company to submit the Required Financial Filings not later than December 27, 2020. As such, the MCTO will remain in effect until the Required Financial Filings are completed.
Until the Required Financial Filings are completed, the Company will issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there have been no material business developments or other material information relating to its affairs as of the date of this news release that have not been generally disclosed.
Aurelio Useche, CEO of Relevium stated: “The delays in the filings of the required financials were due to two major facts. First, the Company engaged new auditors, RSM Canada LLP, which normally means an additional burden of a learning curve. The second reason has been the effect of the COVID-19 pandemic on preparation of the files, new disclosures and valuation assessments” Mr. Useche further states: “We are working diligently with our new auditors to complete both periods before the upcoming holidays”
UPDATE ON THE SUPPLY SIDE OF OUR CONTRACT FOR PERSONAL PROTECTION SUPPLIES
On September 29, 2020 the Company announced the start of deliveries of Personal Protective Equipment (“ PPE ”) under its contractual obligations to supply US $20 Million dollars. The delivery of initial product batches has been subjected to delays related to major logistical issues outside of the company’s control.
The Company has several outstanding PPE supply contracts in place and expects to deliver before the end of the current year. The Company remains cautious about ongoing issues outside of the company’s control as the global pandemic continues to influence, not only the demand, but also the supply side and logistics. The PPE products in question are manufactured and sourced in Asia and are subject to local Covid-19 restrictions, affecting both manufacturing and logistics.
Aurelio Useche CEO for Relevium commented as follows: “The delivery of our PPE supply contracts has been affected by issues outside of our control. These are difficult markets to navigate with a high level of risk and uncertainty. The global demand for PPE products has definitely made it a seller’s market, where the rules of orderly business conduct and common sense simply do not apply. We have an extensive team of partners managing the process, including H-Source Holdings (TSX-V:” HSI”) and we look forward to meeting our contractual obligations and commitments”
A bout Relevium Technologies
Relevium is a publicly traded Company that operates in the health and wellness industry with a primary focus on online distribution. The principal business of the Company is the identification, evaluation, acquisition and operation of brands and businesses in the health and wellness markets.
The Company recently entered the PPE business as part of its strategy through acquisitions and partnerships in a holistic approach to encompass a wide range of health and wellness consumer products. Relevium operates through two wholly owned subsidiaries:
BGX E-Health LLC (BGX) , based in Orlando, Florida, markets dietary supplements, nutraceuticals, sports nutrition, and cosmeceuticals primarily through its Bioganix® brand portfolio in the US and Europe. Relevium’s premium brands are sold at some of the world’s largest retailers including Walmart.com and Amazon.com.
Biocannabix Health Corporation (BCX) , based in Montreal, Quebec, is a biopharma nutraceutical Company focused on delivering pediatric endo-medicinal nutraceuticals for cannabinoid therapy.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian and United States securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions, or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", or "would" occur. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek to rely on the applicable safe harbor.
On Behalf of the Board of Directors,
